Real estate deals can come with detailed and complicated contracts. Sometimes buyers and sellers intentionally breach the contract, but other times they might not even know they are doing it. No matter what the situation is, breaching a contract can come with significant legal consequences. Working with an NYC real estate lawyer can help your case and here are some of the ways both parties can breach contracts.
When Do Buyers Breach Contracts?
Any NYC law firm will tell you it’s more common for buyers to breach contracts than sellers. Most of the time it’s because the buyer can’t come up with the money needed for a deposit or down payment. There are some exceptions in the laws of breaching a contract, like if the buyer exhausted every effort and simply could not be granted financing. But if the buyer just gets cold feet and decides they don’t want to go through with the deal, then the seller can pursue legal action with a New York attorney.
Common Reasons Why Sellers Breach Contracts
Sellers sometimes have a contract in place with a buyer and then get a better offer from someone else. In this situation, if the seller backs out of the original deal then they could be facing a breach of contract lawsuit. The hardest part is knowing exactly when a valid contract has been executed and is in force. That’s when having an NYC real estate lawyer is necessary to review the details and facts.
You Need A New York Attorney To Review The Details Of Your Case
Whether you’re the buyer or seller in a failed real estate transaction, working with the top NYC law firm is vital. Taking the other party to court on your own likely won’t give you the results you are hoping for. You could be entitled to monetary damages depending on the situation, but your New York lawyer will know which action to take.
Gordon & Gordon has plenty of experience in breach of contract lawsuits and we are here to help you when you need us. We have represented both buyers and sellers in these types of lawsuits and understand the ins and outs of both sides. Real estate transactions are usually very complicated and have detailed language in the contract you might not be aware of. If you’re in a tough spot with your real estate transaction, contact us for a free consultation to review your case.