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I'm a real estate broker representing a buyer. He entered…

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I'm a real estate broker...
I'm a real estate broker representing a buyer. He entered into a contract, and the day after he removed all contingencies he sought to cancel the contract. When the seller objected the buyer sought to renegotiate it. The seller is threatening a law suit claiming breach of contract. What damages can he claim? and I advised the buyer to perform but he doesn't want to. What should I do?
Submitted: 2 years ago.Category: Real Estate Law
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1/28/2016
Real Estate Lawyer: Richard, Lawyer replied 2 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,213
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good evening. My name is ***** ***** I look forward to helping you.

If all the contingencies were removed, if the buyer doesn't close pursuant to the contract, the buyer would be in default. BUT, the seller isn't likely to get anywhere with a lawsuit. The buyer's only risk is the loss of earnest money if the buyer backs out. Even if the contract provides for specific performance in the event of default, the fact is that courts simply do not enforce specific performance against buyers. Rather, the courts consider the earnest money as adequate compensation to cover any losses of the seller because the seller still owns the property and can simply sell it to another buyer. Although the buyer can never prevent the seller from suing, the most the buyer really has to risk is the loss of earnest money.

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