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PLAINFIELD — A lawsuit alleging federal breach-of-contract has been filed against a Plainfield-based real estate company, according to a report by MyCentralJersey.com. Two couples from Houston, Monty.
By law, real estate brokers must inform buyers and sellers of any known property issues. If the real estate professional knowingly and willingly fails to disclose important information, he or she may be held liable for breach of contract. Breach of contract cases may also arise from other issues.
Breach Of real estate contracts – General Concepts. The fundamental principles of contract formation may be raised in defense of a breach of contract action on a real property agreement. Some of these are: facts showing a lack of acceptance of the contract [civ. code 1565-1567];.
A number of remedies and actions can be taken when a breach of contract occurs.. When the buyer refuses to go ahead with the real estate contract. When a.
If a seller doesn’t honor their part of a real estate contract, the buyer has options, but it generally involves going to court. However, the first thing to do is read the real estate contract, or.
After a real estate contract has been breached, suing for monetary damages is a common remedy. To receive these damages, the buyer would need to provide evidence that they suffered financial harm from the breach of contract. The amount of monetary damages a buyer can receive largely depends on the applicable state laws.
Claiming Money Damages for Seller’s Breach of Real Estate Contract. That depends on how you were actually affected and the law in your state. If the seller acted in good faith and you were not otherwise financially affected, the seller may be liable only for return of the earnest money deposit plus interest and reasonable expenses.
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California Breach Of Real Estate Contract law from Kinsey Law Offices, Seal Beach – attorney / lawyer serving Los Angeles-Long Beach, Orange County, & all .
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Retain Deposits. When the buyer puts a deposit down to secure his performance under the contract and he breaches it, the deposit nominally becomes yours. Review your contract carefully, though. Some contracts have liquidated damages clauses that limit the amount you can collect in the event of a breach to the deposit you retain.