Breaches Of Contract In Florida Real Estate Sales
There are several potential reasons why a breach of a Florida real estate contract may happen, any of which can potentially torpedo a deal. When a breach happens, it can be a complex legal wrangle to sort out which party is owed what. An experienced attorney can help explain your options and advise on how best to proceed with getting the compensation you deserve – trying to do it alone can mean that you lose out on what you are owed.
Several Potential Types
Breach of contract is an ancient legal concept, covering any instance where a party to a contract fails to perform their agreed-upon obligation. In a real estate contract, this can mean anything from failing to pay on time to not disclosing problems that would materially affect the value of the property. Whether a breach happens on the part of the buyer or seller, the other party is entitled to seek redress, whether through being reimbursed (if they have made monetary outlays), or via another remedy, depending on the situation.
It is not impossible for a breach of contract to happen unintentionally, but more often, a breach happens because one party is either reckless or trying to pull a “fast one” – for example, a buyer attempting to back out of a deal for their own reasons after a contract had been signed. Breach of contract is an actionable offense, though, and what one party may see as trying to avoid a bad deal can easily land them in court, or in alternative dispute resolution like mediation.
Three Possible Remedies
If you seek to file a claim of breach of contract against the other party, know that there are three potential remedies that may be available to you at law or in equity. The first is simple money damages, if applicable; for example, if the seller backs out after the buyer has paid part of the asking price, the buyer would be able to recover their funds, plus any fees or costs. The second remedy would be to terminate the contract – in some cases, this is the best option, for situations in which the breaching party’s situation fundamentally changes.
In some cases, specific performance is the best option – the court will essentially require the contract to proceed as originally conceived. This is rare, but does occur when a judge believes it to truly be the best remedy. However, a judgment of specific performance can lead to long-term legal wrangling, primarily because it is almost impossible to obtain title insurance (which a buyer would require) while an action of this type is pending. It is important to have help in evaluating which option will be best for you.
Contact A Tampa Breach Of Contract Attorney
No one wants to think about potential issues in their real estate contract, but they do happen. A Tampa business attorney from the Seward Law Offices can help. Contact our office today to schedule a consultation.