November 23, 2020

Breach of Real Estate Contract Consequences

Real Estate Attorney Irvine Explains Breach of Contract

A person who violates the conditions of any agreed-upon terms is in a breach of contract. Examples of a breach can be a failure to deliver goods or just missing a payment. Real Estate attorneys in Irvine could help with this since these contracts are common in the industry. Adding a contingency clause to the contract for extra clarity is a good way to make sure certain things happen. An example could be agreeing to a partial closing date if the home passes its inspection.

What Are The Consequences Of A Breach Of Contract?

If there is a breach of contract by the buyer in real estate, the buyer usually owes money. This depends on if it was a non-material breach or a material breach. A material breach would be if the buyer refused to go through with the sale and did not buy the house by the closing date. Buyers are rarely forced to buy the house. The seller’s damages are calculated from the difference between the sale price and the market value.

Real estate lawyers in Irvine handle breach of contract on the seller’s side too. This is usually because the seller refused to sell on the closing date. The money the seller owes to the buyer depends on a few factors. The expenses add to what the seller owes, which includes the price paid for the property, the property’s value at closing, and the expenses already paid to prepare for the sale.

 How Can A Lawyer Help?

Brockmeier Law Group is a General law firm with a focus on personal injury, labor and employment, business litigation, and real estate. Their law office is in Irvine, California. If you find yourself in the middle of a breach of contract dispute, allow the real estate lawyers in Irvine to help. The best way to avoid a breach of contract is to make the agreements as clear as possible for both parties. Include within the contract expected challenges and expectations. A good way to protect both parties is to add a contingency clause in the contract. If you need a real estate lawyer, please contact Brockmeier Law Group for a consultation.