Full question:
We recently sold our home and need to be out in 30 days. At the time of signing the contract with the buyer we stated to our realtor that we would need to be flexible on the closing. She agreed, but states we have to be out even though we have not found another place to live. Can we back out on the sale without problems? Can a judge force us to sell, and what can the legal ramifications be for breach of contract?
- Category: Real Property
- Subcategory: Sales
- Date:
- State: Florida
Answer:
A judge typically won't force a party to perform a contract unless the contract involves something unique that can't easily be replaced. If you breach the sale contract, the buyer may sue for damages, which aim to compensate them for their losses and any lost profits. This can also include legal costs incurred due to the breach.
Contracts are legally enforceable agreements that create obligations between parties. An oral contract, made verbally, can be enforced, but proving its terms is often more challenging than with a written contract. Breach of contract occurs when one party fails to fulfill their obligations, causing measurable harm to the other party.
Legal actions for breach of contract are civil cases, and remedies focus on compensating the injured party rather than punishing the breaching party. Common remedies include:
- Money damages: Compensation for financial losses due to the breach.
- Restitution: Restoring the injured party to their position before the contract.
- Rescission: Terminating the contract duties of both parties.
- Reformation: Changing the contract to correct inequities.
- Specific performance: Compelling a party to fulfill their contractual duties when monetary damages are insufficient.
Promissory estoppel may apply if you relied on a promise from the buyer or realtor. This legal principle can enforce a promise if failing to do so would result in unfairness, provided your reliance on the promise was reasonable and caused you harm.
In summary, if you back out of the sale, you may face legal consequences, including financial damages. It's advisable to consult a legal professional for guidance tailored to your situation.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.