Real Estate Law
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HelloThis is Samuel. If they are under contract and both signed the contract, then both could be sued for the breach of contract.
Thank you. Yes, the closing would not take place, and the buyers could bring the matter to a lawsuit for the breach of contract as per the terms of the contract. It may require an arbitration. You need to read the contract.
The contract will specifically state the remedies available to both parties should there be a breach.
Yes. That is correct. I apologize for the delay in this response.
And while both may be sued, it will then be up to the non breaching party show why they should not be held liable and work to have the case against them dismissed.
And while both parties may be sued, if two individuals are jointly and severally liable for a negligent act, the person who was harmed may sue any one of the partners, regardless as to each partner's share in the liability. Additionally, when the plaintiff is awarded a judgment they can then collect from the one who has the assets to collect.
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