breach of real estate contract
breach of real estate contract
Breach of real estate contract. Play Video FULL TRANSCRIPT: Hi, real estate attorney Roy Oppenheim here. I wanna talk today about what happens when the seller decides not to proceed with a residential real estate contract. This is called a breach of real estate contract. In this frenzy of this real estate world that we’ve had in the past year, on occasion, you have sellers who decided they’re gonna sell their property, they list it, they sign the contract, and they have what’s called seller’s remorse. Either because they thought they sold it for too little, or because maybe someone got sick, or maybe someone dies or someone loses a job, or they can’t find another place to go because prices have gone up so high.
So what does a buyer do when a seller decides that they’re not going to proceed? Well, the first thing the buyer is gonna do is gonna demand their money back, if that’s what they want, then the seller will probably give them their money back. Now, that’s an expensive process. Gets a little tricky.