Legal Question in Real Estate Law in Florida
buyer need to break real estate contract
We are under contract to purchase a condo due to close at the end of the month. We have decided to back out of the deal because of higher than anticipated interest rate. The seller is threatening to sue us for defaulting. We are happy to have them keep the earnest money but that is about it. Are sellers usually successful in suing for default (all of our contingencies have been met)?
Thank you,
RE
2 Answers from Attorneys
Re: buyer need to break real estate contract
Unfortuantely, courts do not have the power to rewrite contracts to make a contract more favorable to one party than the other and will enforce a contract unless the terms are unenforceable.
There usually isn't much of a secret to it and your question gets asked a lot. The contract will set out what happens if you default. Therefore, look at the contract, under a heading which is probably enitled "Buyer's Default" and there you will have it.
If you have been unable to negotiate out of the contract with the Builder and are still concerned, then I recommend trying to find a local attorney to review the contract and see if they can find a way out under the material change doctrine concerning condos, or seeing if there is some material clause in the contract that the Builder was responsible for complying with and failed to do (i.e. if the builder "materially" breached). Good luck, Randall Gilbert
Re: buyer need to break real estate contract
The seller may sue for specific performance or damages. He may try to resell and you would be responsible for any difference in price.
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