Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Good afternoon. I am Loren, a Florida licensed attorney, and I look forward to assisting you.
Does the contract have any provision allowing for termination?
Is the buyer in breach?
Does the contract contain any provision limiting buyer remedies or damages for seller breach?
What do you need?
Do you have a defense?
Did the buyer breach? Is there a provision in the contract which limits remedies or damages?
Thank you for the additional information. I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get.
If the buyer is ready willing and able to perform the obligations of the contract then you will be in breach if you refuse to close on the date indicated in the contract.
The best advice I can give you is to try to settle with the buyer to get a release from them of the contract. That is the only way out of the contract. You will need the agreement of the buyer. So, ask them what it will take to buy out their contract.
Otherwise, the court will hold you liable for breach of contract, force the sale and assess additional money damages.
Just remember to get a release if you arrive at a negotiated exit.
I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.
Well, good luck.
By the way, if the buyers have breached the contract somehow, asking for an extension to close or missed a deposit, for examples, you can assert that as grounds to dismiss their suit under the doctrine of "unclean hands".
In other words, a party in breach is legally estopped form enforcing the contract they have defaulted.