What happens if I breach a contract?

In New Hampshire, when it comes to residential real estate law, breaching a contract can have serious ramifications. When a party breaches a real estate contract, the non-breaching party is typically entitled to damages in the form of money or other remedies. The amount of damages often depends on the type of breach that was committed. For example, if a buyer breaches a purchase and sale agreement by not providing the necessary documents or funds, the seller may be able to keep any earnest money the buyer put down and may be able to sue for any losses the seller suffered as a result of the breach. On the other hand, if a seller breaches the contract, the buyer may be able to sue for specific performance, which means that the seller would be legally required to complete the sale and transfer the property. The buyer may also be able to seek other damages such as lost profits from the sale of the home or for the opportunity costs associated with the home not being sold. If a party breaches a real estate contract, the non-breaching party may have multiple remedies available to them. However, it is important to remember that these remedies are usually limited to the amount of damage caused by the breach. As such, it is important to consult an experienced real estate attorney to ensure that all potential remedies are pursued.

Related FAQs

What is a closing disclosure statement?
What is an earnest money deposit?
What is the difference between a realtor and a real estate agent?
What is a title search and why should I do one?
What is the difference between an affidavit of title and a title commitment?
What is an easement?
What is residential real estate law?
What is a deed in lieu of foreclosure?
What is an Option Clause in a real estate contract?
What are the rights of a tenant upon foreclosure?

What happens if I breach a contract?

Related FAQs

Related Blog Posts