#SELLER DEFAULTS CLOSING DATE FULL#

That doesn’t preclude a Seller from consulting legal counsel and look for options, however the contract is clear that the Seller’s sole remedy is to retain the earnest money as full liquidated damages.

This has been the case since 2018 so the idea of a Seller suing the Buyer for any assortment of “damage” is largely removed by the contract. In layman’s terms, the Seller’s sole remedy for a Buyer’s breach is to accept the earnest money as full liquidated damages. The parties expressly intend for the earnest money to serve as liquidated damages and not as a penalty. 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 ascertain. Seller expressly waives any right to assert a claim for specific performance. Remedies of Seller: 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. The GA Association of Realtors contract addresses seller recourse if a buyer simply “refuses to close” after all contingencies are satisfied, Properly written contracts have several milestones that need to be met prior to a “clear to close' completion of due diligence, loan qualification, appraisal, repairs, survey and others depending on the complexity of the contract. There are many possible reasons that a buyer might not close, contracts can contain different clauses and stipulations. If a Buyer Defaults on a Real Estate Contract 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. There are also any number of specific contingencies that might be written into an agreement. The typical Georgia purchase and sale agreement has a number of standard contingencies buyer financing and inspection the more obvious. If a buyer or seller defaults of a real estate contract, can you sue? The answer is of course, it depends.

Seller defaults closing date