If someone violates a contract they have created a breach of contract. We often hear about a breach of contract involving a general contractor and a home owner where one of the two has not met their obligation as described in the contract. Learn about when it’s appropriate to involve an attorney in a breach of contract issue here.
If you don't receive mortgage financing under the current terms of a contract, what can you do? Should you renegotiate or back out of the contract? The terms of your real estate contract may include provisions that will allow you different options.
Breach of contract during a real estate deal often results in the loss of earnest money. Knowing what is in your contract will tell you what rights you have as a home buyer and what the builder's rights are. The contract will provide language regarding the termination of the contract and what will happen to earnest money.
A buyer says he's having trouble getting earnest money back from his builder after deciding not to buy a home. The buyer can sue the builder for breaching the construction contract.
A woman and her husband had a real estate contract at the time of his death. Ilyce explains the breach of contract due to death clause and how it applies to this unfortunate situation. Unless the contract states that in case of the death of either the seller or one of the buyers the contract could or would be terminated, the contract will remain valid.
Builders are facing cancellation of new construction contracts all over the country. Unless it is specified in the contract, there is no obligation on the part of the builder to return your deposit if you cancel the contract. As the buyer, you are obligated to fulfill the term of your real estate contract.
A seller reader signed a contract to sell his land but would now like to back out of the deal. Once you sign a contract, you are obligated to its terms, even if you don't understand it. As a buyer or a seller, you have a duty to understand the contracts you sign.
What can you do when your earnest money gets held up due to a damaged pool? It's up to the seller to disclose water damage and if he doesn't the buyer may have to hire a real estate attorney to get his earnest money back from the seller. Learn about breach of contract and seller disclosure in this situation.
What happens if you buy a home and the contract states one thing but the house does not match that requirement? Under seller disclosure is the seller liable for fixing the discrepancy? In this case, a home buyer believes that his new home lacks insulation which was described in the contract. Before suing the seller, a developer, the home buyer should make sure that his suspicions of lack of insulation are correct by hiring a contractor.
Is a general or special warranty deed better for selling property? When selling a residential property, the type of warranty deed you use, or title, isn't so important. A special warranty deed is usually used for commercial real estate sales. During the home sale process, a title company will run a title search and discover any problems with the deed or title. Usually a general warranty deed is used when selling a residential property.