The closing is the meeting between the buyer and the seller, at which time all remaining documents related to the sale are signed. The deed to the house is transferred from the seller to the buyer. Title insurance is paid, the mortgage papers are signed by the buyer, and possible transfer taxes are paid to the state. Additionally, the buyer will pay the seller for an miscellaneous expenses, such as appliances or furniture that had been previously agreed upon and any real estate taxes that the seller had prepaid.
A remedy is a court-ordered means of enforcing one party's rights or redressing a wrong committed by another party. Typically, a sales contract to purchase a building drafted by a lawyer defines the available remedies in the event of default by either the buyer or seller. Once a contract is formed, both the buyer and seller agree to perform specific obligations to "close" it (i.e. complete the deal). Refusing to close on a sales contract is an example of a default. The injured party may then bring a lawsuit seeking a remedy for its injuries. Remedies may be sought in both commercial and residential purchase-sale agreements.
If the buyer of a building defaults, the remedies often available to the seller include:
If the seller of a building defaults, the remedies available to the buyer include:
In the event that a buyer or seller defaults on his obligations under a building sales contract, an experienced real estate attorney can determine what remedies are available to you and the likelihood of recovering damages. Additionally, an attorneyâ??s assistance is very helpful when drafting such a contract, because he can make sure to include clauses providing for remedies in the event of specific defaults.
Last Modified: 02-13-2013 04:17 PM PSTLaw Library Disclaimer
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