What happens if my buyer pulls out?

Once contracts have been exchanged, the buyer is legally committed to paying the price stated in the contract. If the buyer pulls out of the sale after contracts were exchanged, you can sue them for any loss this causes you and you may be able to keep the deposit.

What happens if a seller wants to walk away from a house?

A seller might be free to sue for actual damages, which could exceed the deposit, when liquidated damages aren’t provided for in the contract. Buyers who want to walk away will often forfeit their deposit. A thousand dollars might not be substantial enough to force the buyer to follow through and close.

What happens if you walk away from a purchase contract?

Walking away from a purchase contract though could result in the buyers losing their earnest money and worse being sued if there were no contract contingency clauses upon which they based their decision to cancel the contract.

Where can you rescind a real estate contract in Florida?

However, in the tri-county area of Broward County, Miami-Dade County, and Palm Beach County, most sellers and buyers use a form which was drafted and approved in a joint effort between the State Bar of Florida and the Florida Realtors (TM) association. Read: Coronavirus – Rescinding a real estate contract using the force majeure provision.

Can a real estate agent represent both the buyer and the seller?

With dual agency, the Real Estate agent attempts to represent you, the seller, and the buyer, all at the same time, which is technically impossible. You cannot serve the best interests of both a buyer and a seller involved in the same transaction.

Can a buyer walk away from a Florida real estate contract?

Under Florida law (contract and case law), a buyer is able, under certain circumstances, to terminate a residential real estate contract and walk away from the deal without penalty. One way a buyer can get out of a deal is by seeking “rescission.”

What happens when things go bad in Florida real estate?

When things go bad in a Florida real estate transaction, or an unplanned event occurs, the first thought a buyer or seller may have is to walk away. Just get out of the deal. However, is this possible? Can the buyer or seller cancel the transaction?

Can a buyer or seller cancel a contract in Florida?

Can the buyer or seller cancel the transaction? Under Florida law (contract and case law), a buyer and/or seller is able, under certain circumstances, to terminate a residential real estate contract and walk away from the deal without penalty. One way a buyer can get out of a deal is by seeking “rescission.”