Breach by seller
Started by Aael921
over 10 years ago
Posts: 131
Member since: Jan 2013
Discussion about
In the event that the seller refuses to proceed with the sale after board package is submitted but before approval or interview, apart from the legal possibility of specific performance, what costs is seller quite likely to be required to pay? Thanks.
None except for their own attorney fees.
None since they can poison the board into rejecting the buyer for free.
Let's say coop board is immune to poison by seller and grants interview.
The usual form of a sale contract limits the seller's remedies to forfeiting the deposit, but does not limit the buyer's remedies. If that is what your contract provides, then you could sue for specific performance or damages, assuming all conditions to closing are satisfied and the seller refuses to close -- a fairly big assumption. Your damages would be the same as in any breach of contract case -- basically the amount needed to return you to the position you would be in absent the breach.
@NYC_sport could that also include potential future profits on the property sale......seems weird there wouldn't be a limit.
@deanc - no, it's not a lost profits case - too speculative - there's a "reasonable certainty" standard that needs to be met,
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