What happens if a real estate contract is breached?

If a real estate contract in Virginia is breached, it can lead to litigation. This means that either the buyer or the seller can take legal action to resolve the issue. Depending on the situation, the breach can have a range of consequences. If the buyer breaches the contract, they may be responsible for any out of pocket expenses the seller incurred as a result. This could include any expenses related to finding a new buyer, such as advertising or legal fees. Additionally, the seller may be able to file a claim for breach of contract to recover money for lost profits or other damages. If the seller breaches the contract, the buyer may be able to recover any damages or losses related to the breach. This could include the cost to repair the damage or replace the property, or any additional costs they incurred due to the breach. The buyer may also be able to get compensation for emotional distress or inconvenience caused by the breach. In either case, the court will decide on a resolution that compensates the party who was wronged and attempts to put them in the same position as if the contract had been honored. If available, mediation may be an alternative to litigation. A mediator can help the parties involved come to an agreement outside of court.

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What happens if a real estate contract is breached?

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