When it comes to real estate investing, there are three common types of lawsuits filed. The three most common types of lawsuits are: breach of contract by the buyer, breach of contract by the seller, and non-disclosure of significant property deficiency. Each of these different types of lawsuits has ramifications for each side of the lawsuit.
Breach of Contract By the Seller
When a property owner decides not to sell their property that is under contract to a buyer, the seller calls it breach of contract. When contracts are signed in good faith, the buyer has the right to file a breach of contract lawsuit against the seller. It does not matter why the seller decided not to sell, the only issue is if the terms of the contract were not implemented. Our Coachella Valley real estate attorneys can help you decide the right course of action in your unique case.
Breach of Contract By the Buyer
The next type of case that our real estate and land law attorneys in Coachella Valley can help you with is breach of contract by the buyer. In this case, the inspection grace period for the buyer has expired, their deposit is no longer refundable, and they still decide not to purchase the property. However, the loss to the buyer, is usually limited to just the amount that was placed in escrow.
Non-Disclosure of Property Deficiency
The third type of lawsuit that a Coachella Valley land use and zoning attorney can help you with is a non-disclosure of significant property deficiency. A lawsuit is brought about in cases like this when the former property owner does not disclose to the buyer significant deficiencies in the property that if the buyer had known about them earlier, they would not have purchased the property in question. In many cases, the former owner should be given the opportunity to fix, pay for, or somehow make right the deficiency in the property.