Breach of Real Estate Contract
What’s a Breach of Real Estate Contract?
A breach of real estate contract may occur when the terms and conditions of a real estate contract are not followed. Real estate contracts can cover many different real estate issues, but they usually deal with the sales transaction for residential property. They can also cover:
- Commercial property usage and rental
- Landlord/tenant rental agreements
- Leases and subleases
- Construction of residential developments
- Agreements regarding land usage and boundaries
Contracts for the sale of real estate need to be in writing in order to be valid. However, it’s a good idea for any type of real estate contract to be in writing, so that the parties have a record of the transaction in the event of a breach.
What are Some Ways that a Breach of Real Estate Contract Can Occur?
A breach of real estate contract can occur in many different ways. Some common forms of breach of a real estate contract may include:
- Failing to pay on time
- Failure to deliver the deed to the property in the correct way
- Unauthorized sub-leasing of the property
- Contesting a real estate contract penalty clause
- Issues with implied warranty in a contract (such as habitability)
A breach of contract can happen on either side of the agreement. For instance, the seller may be liable for breach if they deliver a defective title. Or, the buyer may be in breach if they don’t supply their payment on the promised date.
Are There Any Legal Remedies for a Breach of Real Estate Contract?
Remedies for a breach of a real estate contract will depend on the nature of the breach. In most instances, a damages award will be sufficient to cover the losses caused by the breach. For instance, a damages award might be required from the buyer to ensure that the seller receives missed payment amounts. In other cases, a different remedy might be needed, such as requiring the seller to deliver the deed to the purchaser.
Do I Need a Lawyer if I’m Involved in a Breach of Real Estate Contract Case?
Breaches of real estate contracts can sometimes lead to significant losses for either party. You may need to hire a lawyer if you need assistance filing a claim for a breach of real estate contract. Your attorney can provide you with the legal expertise and guidance that is needed to protect your interests. Also, your lawyer can represent you during court proceedings and other meetings.
Consult a Lawyer - Present Your Case Now!
Last Modified: 08-02-2013 02:04 PM PDT
Did you find this article informative?
Link to this page