If a Buyer or Seller Defaults on a Real Estate Contract, Can You Sue?
Posted by Hank Miller on
If a buyer or seller defaults of a real estate contract, can you sue? The answer is of course, it depends. The typical Georgia purchase and sale agreement has a number of standard contingencies; buyer financing and inspection the more obvious. There are also any number of specific contingencies that might be written into an agreement. But what happens if after everything is completed, the buyer or seller just doesn't want to close? In Georgia options are very limited, other states may be different but here the reflex answer of "we'll sue" doesn't broadly apply. 
If a Buyer Defaults on a Real Estate Contract
There are many possible reasons that a buyer might not close, contracts can contain different clauses and stipulations. Properly written…
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What is the due diligence period? It's arguably the single most important part of a home sale. Of course everything matters but the due diligence period is essentially an “option period” for the buyer, the time where all of the critical research is to be completed. The buyer has virtually total control during this period. Emotions run especially high; buyers are presented with reports that often scare the hoohah out of them, sellers usually see inspection amendments as a money grab and their backs immediately rise.
Meth labs are scattered all across the country, including throughout metro Atlanta. Yet there is NO requirement to disclose that a home has…
In the event this Agreement fails to close due to the default of Buyer, Seller’s sole remedy shall be to retain the earnest money as full liquidated damages. Seller expressly waives any right to assert a claim for specific performance. The parties expressly agree that the earnest money is a reasonable pre-estimate of Seller’s actual damages, which damages the parties agree are difficult to…