Buying or selling real property is a major financial decision. It can also be a major headache. Parties involved in real estate transactions a lot on the line. Often, the purchase of your home will be one of the most important financial decisions you make. With so much on the line, it is not a surprise that litigation involving real estate is common.

Below is a brief outline of the remedies available to both buyers and sellers in the event of a default on a contract of sale.

If the seller defaults, the buyer can:

  • Cancel the contract and recover the deposit; and/or,
  • File an action for Specific Performance to force the seller to go through with the sale, outlined in more detail here; and/or,
  • File suit for compensatory damages.

If the buyer defaults, the seller can:

  • Declare the contract forfeited. The right to forfeit is usually part of the contract. Here, the seller is usually entitled to keep the contract deposit; and/or,
  • Cancel the contract, which puts seller in the same position as if the contract did not exist; and/or,
  • Bring an action for Specific Performance, which attempts to force the buyer to go through with the sale; and/or,
  • File suit for compensatory damages.

James G. Dibbini and Associates, P.C. has over 20 years of experience with purchase and sale agreements. If you need help with any real estate transaction or dispute, give us a call at (914) 965-1011 or email us at jdibbini@dibbinilaw.com to learn more.