We always hear about real estate transactions falling through for a variety of reasons. But what is a buyer’s recourse when this happens? A buyer can bring an action/lawsuit for specific performance to legally force the seller to sell and close on the contract. In essence, the buyer is requesting a judge to make a determination that the buyer has complied with all terms of the real estate contract, is ready, willing and able to purchase, and should be allowed to close on it even if the seller refuses to. If successful, the buyer will force the closing of the transaction, damages may be assessed for legal costs and expenses, and any other relief the court deems fit. Although this may be a costly and time consuming process it can bring resolution to a breach of contract issue. If your buyer is in such a situation help them determine whether it may make more sense to negotiate a sum that seller will compensate buyer for so they can move on, with your help, to purchase another property. Remember, your commission will be paid from the successful purchase of your buyer, not on the success of their lawsuit.
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