The agreement protects the interests of both parties.
What should sellers and buyers know when something goes wrong with their real estate purchase agreement?
1. What happens if the deal falls due to the buyer's fault?
If the buyer cannot close the deal, the seller is forced to list it again for sale. Suppose the property was priced at $1,000,000 in the contract but sold for $900,000 upon resale. As a result, the seller can sue the buyer for the loss of $100,000, as well as legal costs and interest.
2. What will happen to the deposit if the buyer cannot close the deal?
The buyer's deposit will remain in the trust account of the brokerage company with which the seller listed the house. If the buyer demands the return of the deposit, the seller will have to sue.
3. What happens if the buyer signs the contract but changes their mind before making the deposit?
The seller can still sue the buyer and cover the losses associated with the resale process. Moreover, the buyer can be sued for signing the contract without paying the deposit.
4. Can the seller cover all expenses and losses associated with a breach of contract and win a lawsuit against the buyer?
There is no direct answer to this question. The seller must carefully prepare all documents before suing the buyer.
5. Can both parties agree to any changes in the contract after signing, such as extending the closing date?
Yes, this can benefit both the buyer and the seller. In such a situation, the seller may request an additional deposit.
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