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1. finneylawfirm.com › real-estate-101-legal-basicsReal Estate 101: Legal basics of the real estate contract

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   Remedies for breach. Typically under real estate purchase contracts there are two basic remedies available to both the buyer and the seller for the other party’s breach: (i) monetary damages and (ii) an action for specific performance. 1. Monetary damages.

2. www.antonlegal.com › blog › common-breach-ofCommon Breach of Contract Issues in Real Estate Transactions

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   Jul 20, 2023 · In the event of a breach of contract, parties have legal remedies to seek redress. Common remedies include: Specific Performance: This remedy seeks to enforce the contractual obligations and requires the breaching party to fulfill their obligations as outlined in the contract.

3. People also ask

   What happens if a seller fails to close a real estate contract?

   • Barring a legally valid excuse, failure by a Buyer or a Seller to close upon a real estate contract constitutes breach of that contract. Under Texas law, contractual breaches can subject the breaching party to damages and attorneys’ fees. But what happens when monetary damages are inadequate to compensate the non-breaching party?

   Forcing the Sale: Specific Performance in Real Estate

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   What happens in a real estate contract?

   • Typically, parties enter contracts for the purchase and sale of real estate with some degree of enthusiasm, and intentions to consummate the transaction under the terms agreed-upon. However, circumstances (and minds) change.

   Forcing the Sale: Specific Performance in Real Estate

   www.sanantoniorealestatelawyer.com/specific-performance-real-estate/

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   What happens if a seller breaches a contract?

   • For the breaching seller, it is to give a deed and do other things required at the closing. For the buyer, it is to pay the purchase price and perform his other contractual obligations.

   Real Estate 101: Legal basics of the real estate contract

   finneylawfirm.com/real-estate-101-legal-basics-of-the-real-estate-contract/

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   What constitutes a contract in a real estate sale?

   • There can be more terms, such as the personal property that accompanies the sale, who pays for the title insurance, and financing and inspection contingencies, but an offer from one party and an acceptance by another party of the major provisions is the basis of the formation of a contract.

   Real Estate 101: Legal basics of the real estate contract

   finneylawfirm.com/real-estate-101-legal-basics-of-the-real-estate-contract/

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4. jacobs-associates.com › articles › 2020/07/20The most misunderstood clause in a real estate contract: The ...

   jacobs-associates.com › articles › 2020/07/20

   Jul 20, 2020 · By Harvey S. Jacobs July 20, 2020 at 9:00 a.m. EDT In the home-buying process, buyers and sellers should negotiate to write contingencies into their contract to mitigate risk. For example, sellers may want to condition their obligation to sell on finding and purchasing another home. Buyers who are financing a portion of the purchase price […]

5. www.nvar.com › realtors › laws-ethicsDepositing the EMD – What is a Realtor’s® Obligation?

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   Feb 12, 2024 · The EMD serves an important purpose in real estate sales contracts. Not only does it demonstrate to the Seller that the Buyer has the necessary funds to proceed with the sale, but it helps minimize litigation over damages in the event of a dispute or breach of contract.

6. www.sanantoniorealestatelawyer.com › specificForcing the Sale: Specific Performance in Real Estate

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   Oct 11, 2016 · In the context of a real estate contract, compliance with all terms of the contract means that the buyer who is seeking specific performance must prove an actual tender of the purchase price. That is, the Buyer must show that he is ready, willing and able to close, and has the purchase funds available.

7. themortgagereports.com › 37569 › understanding-aUnderstanding a real estate contract or purchase agreement

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   May 4, 2018 · A real estate contract or purchase agreement is a vital document for buying or selling a home. Learn how to read and understand its terms, clauses, and contingencies.

8. www.huschblackwell.com › newsandinsights › anAn Examination of Force Majeure in Real Estate Contracts

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   Apr 22, 2020 · The obligation to pay rent and any sum owed under a lease (e.g., a tenant improvement allowance) is typically not excused by force majeure. Most commercial real estate contracts specifically provide that force majeure does NOT excuse the payment of rent. If the lease specifically states that the obligations under the lease are independent ...