When buying a house or other property, we always hope the transaction goes as planned. Unfortunately, no matter how careful we are, problems sometimes still come up. Maybe it’s at the beginning of the process. Or maybe it comes down the road. Either way, Hanecak Law Inc. has experience in handling real disputes no matter when they arise.
What types of real estate litigation do you handle?
We have experience in handling many different real estate issues, including:
- Breach of Sale Agreements
- Misrepresentation
- Suits Against Lenders or Other Financial Institutions
- Liens
- Boundary Disputes
What are my rights if someone backs out of the contract?
Depending on whether you are the seller or the buyer, you typically will have two options. You can either sue for damages because of the breach or try to enforce the contract for the sale of the property. This depends on the individual case and if the breaching party is the buyer or the seller.
If the seller backs out, the law allows the buyer to recover:
- Purchase price
- Expenses incurred in examining title and other papers
- “Market-contract differential” – the difference between the agreed-upon price and value of the property at the time of the breach
- Expenses incurred in preparing to enter the land
- Reasonable and foreseeable expenses incurred
- Interest
The buyer must “tender” performance before pursuing any damages. This means that they can show they’re ready to perform the conditions of the contract. Tender is required unless the seller breaches before performance is due.
If the buyer backs out and there is no provision in the contract for a breach, the law allows the seller to recover:
General damages, i.e., the excess (if any) of the contract amount minus the value of the property to you
Consequential damages, i.e., reasonable and foreseeable expenses to make the seller whole. Ex: expenses incurred in finding a new buyer
Interest
We evaluate every case on its individual circumstances. Each case has its own characteristics that will determine its strengths, weaknesses, and damages.
San Diego Real Estate Transaction Lawyer
Real Estate attorney Daniel J. Hanecak has been a licensed broker in the state of California for several years. If you find yourself in the need of drafting, review, editing, or a consultation about real estate transactions or contracts, we are here to help.
We can help with drafting and reviewing:
- Purchase Agreements
- Leases
- Notices
- Other Sales
Call us today at (858) 206-4326 to discuss your real estate needs.
