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MIAMILAW1127
MIAMILAW1127, Lawyer
Category: Real Estate Law
Satisfied Customers: 731
Experience:  Founding Partner at Moises Law, P.A.
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What can you do when a buyer defaults on a land contract?

Customer Question

What can you do when a buyer defaults on a land contract?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 year ago.

Hello again. I just sent you follow up information to my prior answer. I am not sure if we have a Michigan real estate specialist on the panel, so I'll opt out of this question in case we do.

Expert:  MIAMILAW1127 replied 1 year ago.

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Expert:  MIAMILAW1127 replied 1 year ago.

When a buyer defaults on a contract for the purchase of land, you have a few options (most of which are determined by the contract). They are:

1. The buyer may forfeit the deposit that is in escrow if he did not cancel the contract within the cancellation period.

2. You can sue the buyer for any damages/losses you may have incurred in relation to the contract (for example, if you expended any money in assisting the buyer in completing his due diligence).

3. You can sue for specific performance asking the court to enforce the contract and obligate the buyer to purchase the property.

4. There may be a liquidated damages clause or cancellation fee clause in the contract where the buyer would have to pay you a flat fee for breaching the contract.

Those would pretty much be your options without me looking at the contract.

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