SOUTH FLORIDA REAL ESTATE ATTORNEYS
BREACHES OF THE REAL ESTATE CONTRACT AND REMEDIES
Real Estate Breaches of Contract
Real estate disputes often arise because a party to the transaction has committed a breach of contract. A common dispute occurs when a buyer faces a seller who is wrongfully refusing to transfer title to the buyer or when either the buyer or seller has defaulted on a purchase agreement or other contract in connection to the real estate transaction. Unless otherwise limited by the legal document, there are three basic remedies available to the wronged party.
In Florida, a buyer who breaches a sales contract may be liable to the seller for monetary damages. This is usually calculated as the difference between the contracted price and the market value (minus any deposits or other monies the breaching buyer has already given to the seller). The seller may alternatively bring an action for specific performance (described below); however, specific performance is usually more effectively used by a wronged buyer than buy a wronged seller. The reason being that a breaching buyer will simply claim that he cannot financially satisfy a judicial decree requiring him to purchase the subject property.
Termination of the Contract
In some cases, the best remedy to seek is termination of the contract. This usually involves the buyer being refunded his or her deposit as well as expenses incurred during the failed transaction such as attorney fees, survey fees, title inspection fees and other costs of examination.
Specific Performance of the Contract
An action requesting specific performance involves a party asking the court to force the opposing party to perform their contractual obligations. A judge ruling that the seller MUST sell the house to the buyer is an example of specific performance being uses as a remedy.
Parties to a contract may want to agree in advance as to the amount that will be owed by a breaching party. This amount will be set forth in the contract and will not be disputed if a breach occurs. However, in order for liquidated damages to be enforceable, they cannot act as a form of punishment against the breaching party. Additionally, liquidated damages will usually only be enforceable if it is determined that calculating actual damages for the particular breach at issue is difficult and the liquidated damages are reasonable under the circumstances. An example of liquidated damages can be found in a standard Residential Sales Contract which states that if the Buyer fails to perform his/her obligations under the contract, the seller is entitled to keep the deposit.
Have an Experienced Real Estate Attorney
It is important to have an experienced attorney, capable of formulating a winning strategy to handle your breach of contract case. Breach of contract cases are filled with obstacle. We will work side by side with you to compensate you due to the wrongdoing of a buyer or seller.
At the Law Offices of Jacqueline A. Salcines, P.A., our lead attorney brings extensive knowledge and expertise in the field of real estate, contract law and negotiating contracts and litigating disputes. We are here to help iron out issues and move the transaction from conflict to resolution. We employ market knowledge, extensive litigation experience, contract and statutory knowledge, and take proactive and calculated measures to protect our clients. Our knowhow in drafting contracts as well as negotiating them when they don’t go as planned, is what sets us apart.
With prompt intervention to resolve disputes amicably, without the need to litigate, we are here to get sellers and buyers to the result anticipated when signing the contract.
Jacqueline Salcines, Esq. has been an accountant for over 20 years and an attorney for over 16 years. She brings her knowledge and experience to every real estate contract transaction. Let us go to work for you!
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
TRUST | COMMITMENT | RESULTS
JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
CORAL GABLES, FL 33146
TEL. 305 669 5280