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What are the consequences if I breach the contract. Barefoot…

Customer Question
What are the consequences...

What are the consequences if I breach the contract

Lawyer's Assistant: Where is the property located?

Barefoot Bay Fl

Lawyer's Assistant: Has any paperwork been filed?

What kind?

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 2 minutes by:
9/28/2017
Real Estate Lawyer: Barrister, Lawyer replied 8 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,045
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Customer reply replied 8 months ago
What are the consequences if I breach the contract
Real Estate Lawyer: Barrister, Lawyer replied 8 months ago

Can you give me some more details about what is going on here and what type of contract you are referring to?

.

I have no idea what contract you are talking about as I only know what you type in the box...

.

.

thanks

Barrister

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Customer reply replied 8 months ago
Sale of home
Real Estate Lawyer: Barrister, Lawyer replied 8 months ago

Are you selling or are you buying?

.

What is the reason you want to breach?

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Customer reply replied 8 months ago
Selling
Customer reply replied 8 months ago
Unable to get a mortgage for another home
Real Estate Lawyer: Barrister, Lawyer replied 8 months ago

Ok, if you breach the contract without any legal reason to do so, then the buyer could sue you for "specific performance" to force you to continue with the sale and hold you liable for any legal costs of doing so.

.

However this is pretty rare for a buyer to actually sue for specific performance because it can take a year in court and thousands up front for an attorney.

.

In the vast majority of cases, the buyer gets mad, stomps around, and then may threaten to sue for any damages and for their deposit back.

.

So if you refunded their deposit and told them you would pay for any out of pocket costs like appraisal or inspection fees, that would likely settle the matter.

.

That is unless you put the contingency in your sale contract that you had to be able to get another loan.. If you put that contingency in, you can walk away with no negative repercussions if you can't get a loan.

.

.

thanks

Barrister

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Real Estate Lawyer: Barrister, Lawyer replied 8 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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