Breaches of contract happen every day in real estate. Some are more serious than others, and may not even require a lawyer in New York to get involved. However, regardless of whether you’re the buyer or the seller, you need to understand the potential consequences and outcomes of the breach of contract by the other party. Here’s what to know about both the seller side and the buyer side in a breach of contract scenario.
How A Seller Can Breach A Contract
Sellers will sometimes reach an agreement with a buyer, but then get a better offer or even simply change their mind on the transaction. If there was a contract in place, then the buyer can pursue a breach of contract lawsuit and potentially force the seller to proceed with the transaction. As a buyer, the challenge is determining whether a valid contract was actually established. Getting NYC lawyers involved may be necessary, especially if the proposed contract was only verbal and not written down by either party.
Also, having NYC lawyers review the entire case is important because there could be a legitimate reason why the seller breached the contract. For example, if the buyer didn’t provide the agreed-upon deposit timely or did not take a certain action as stated in the contract, then the seller may have valid reasons to end the contract.
How A Buyer Can Breach A Contract
There are typically more legitimate reasons why a buyer will breach a contract versus the seller. One example is if the buyer does not provide the required amount of money for a deposit. If the buyer made an effort to obtain financing and couldn’t for any reason, then a breach of contract may not exist. However, if the buyer simply changed their mind and chose not to go through with the transaction, then the seller may have a legitimate breach of contract case to pursue. Monetary damages may be available to the seller in these situations, but it is always best to work with a lawyer in New York to determine the best course of action to take.
Work With A Lawyer In Either Situation
Breach of contract situations in real estate can be tricky. Working with the top law firms in NYC can guarantee you will receive the amount of damages owed to you, or at the very least determine whether you have a legitimate case to pursue. If you ever believe a breach of contract is occurring in your real estate transaction, calling a lawyer in New York should be your first step.
Gordon & Gordon is one of the top law firms in NYC for many reasons. We understand the ins-and-outs of real estate transactions and can easily identify breach of contract situations when we see them. These transactions can be extremely complicated, so allow us to review your case before taking any action. We are always available to answer your call and represent you, so contact us today if you’re in a breach of contract situation with your real estate transaction.