When you decide to purchase a piece of real estate, such as a home or commercial property, you hope that the process will go off without hitch. At some point, however, you may run into a problem.
One of the biggest concerns among buyers is seller breach of contract. This is when the seller decides against selling the property, despite the fact that they signed an agreement with the buyer to do so.
As a buyer, you never want to be faced with this situation. However, you have no control over the seller and the decisions he or she decides to make.
Buyers can take many steps to get past this, including forcing the seller to move forward. This begins with reviewing the contract to ensure that it was properly executed. When sellers are looking to get out of a deal, they are going to search for any gray area they can find. For instance, there may be something in the contract, a small tidbit, that gives them reason to think they can escape the agreement.
When it comes to dealing with this type of problem, it is never a good idea to waste time. Once buyers realize that sellers are trying to wiggle out of a contract, they should take the appropriate action to improve their chance of completing the deal.
Seller breach of contract does not come about often, but it is does happen from time to time. As a buyer, this can be frustrating on many levels. Knowing what you can do about seller breach will improve your mindset.
Source: American Bar Association, "Breach of Contract in Real Estate Cases," accessed July 07, 2015