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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.
Response by ioserin
over 10 years ago
Posts: 21
Member since: Jan 2009

None except for their own attorney fees.

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Response by crescent22
over 10 years ago
Posts: 953
Member since: Apr 2008

None since they can poison the board into rejecting the buyer for free.

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Response by Aael921
over 10 years ago
Posts: 131
Member since: Jan 2013

Let's say coop board is immune to poison by seller and grants interview.

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Response by nyc_sport
over 10 years ago
Posts: 810
Member since: Jan 2009

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.

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Response by deanc
over 10 years ago
Posts: 407
Member since: Jun 2006

@NYC_sport could that also include potential future profits on the property sale......seems weird there wouldn't be a limit.

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Response by jms8
over 10 years ago
Posts: 110
Member since: Apr 2011

@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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Response by JJ2
over 10 years ago
Posts: 114
Member since: May 2014

tell us more

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