Estate Law Questions? Ask an Estate Lawyer.
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Does the contract specify or waive any remedies for seller breach?
Thank you for the additional information.
Specific performance is a buyer's remedy. Is the forfeiture of the earnest money stated as the exclusive remedy. In other words, is it a liquidated damages provision?
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Yes, a trust can be held liable for breach, and be subject to all the same remedies, the same as an individual. The likelihood of success, if the seller is ready willing and able to convey clear and merchantable title, is very good.
However, specific performance is an equitable remedy for the buyer in the event of seller breach. Even if the contract states it is available for the seller to exercise, it is unlikely a judge would do so, since the seller may be made whole by the payment of money damages.
For a buyer, however, all real estate is unique and they will want the actual property, in the event of a seller breach.
Does the inspection contingency have an expiration or other time limit?
In any event, it is the buyer's obligation to complete the inspection by the closing date or whatever time frame is in the contract . Otherwise, it is waived.
The contract is not likely in breach until the the closing date.
When the buyer dies, unless the agreement states otherwise, the contract becomes an obligation of the estate.
However, if the buyer is a trust, then the obligation of the trust just continues seamlessly. The trust is its own entity.
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