Print this page

What You Should Know About Breach Of Real Estate Contracts

Written by Posted On Tuesday, 16 February 2021 11:57

Breach of Real Estate Contracts

Real estate disputes often arise because a party to the transaction has committed a breach of contract. A common dispute is when a seller wrongfully refuses to transfer title to the buyer or when either the buyer or seller has defaulted on a purchase agreement or other contract in connection to the real estate transaction. Unless otherwise limited by the legal document, there are four basic remedies available to the wronged party.

Money Damages

In Florida, a buyer who breaches a sales contract may be liable to the seller for monetary damages. This is usually calculated as the difference between the contracted price and the market value (minus any deposits or other monies the breaching buyer has already given to the seller). The seller may alternatively bring an action for specific performance (described below). However, specific performance is usually more effectively used by a wronged buyer than by a wronged seller, the reason being that a breaching buyer will simply claim that he cannot financially satisfy a judicial decree requiring him to purchase the subject property.

Termination of the Contract

In some cases, the best remedy to seek is termination of the contract. This usually involves the buyer being refunded his or her deposit as well as expenses incurred during the failed transaction such as attorney fees, survey fees, title inspection fees and other costs of examination.

breach of real estate contract

Specific Performance of the Contract

An action requesting specific performance involves a party asking the court to force the opposing party to perform their contractual obligations. A judge ruling that the seller MUST sell the house to the buyer is an example of specific performance being used as a remedy.

Liquidated Damages

Parties to a contract may want to agree in advance as to the amount that will be owed by a breaching party. This amount will be set forth in the contract and will not be disputed if a breach occurs. These are called liquidated damages. However, in order for liquidated damages to be enforceable, they cannot act as a form of punishment against the breaching party. Additionally, liquidated damages will usually only be enforceable if it is determined that calculating actual damages for the particular breach at issue is difficult and the liquidated damages are reasonable under the circumstances. An example of liquidated damages can be found in a standard residential sales contract that states that if the buyer fails to perform his/her obligations under the contract, the seller is entitled to keep the deposit.

Have an Experienced Real Estate Attorney

It is important to have an experienced attorney, capable of formulating a winning strategy to handle your breach of contract case. Breach of contract cases are filled with obstacles. We will work with you, side-by-side, to help ensure you receive proper compensation from the wrongdoing of a buyer or seller. Our Breach of Real Estate Contracts Lawyers serve Fort Lauderdale, Broward County, Miami-Dade & Florida State.

Please contact us online or by phone at 954-384-6114 to schedule a consultation.

5 Convenient Locations

Oppenheim Law | Breach of Real Estate Contracts Attorneys
2500 Weston Road, Suite 209
Weston, FL 33331
Tel 954-384-6114 | Toll Free 888-384-6114
https://www.oppenheimlaw.com 

7777 Glades Road, Suite 100
Boca Raton, FL 33434

500 East Broward Boulevard, Suite 1710
Fort Lauderdale, FL 33394

701 Brickell Avenue, Suite 1550
Miami, FL 33131

515 N Flagler Dr, Suite P-300
West Palm Beach, FL 33401

originally posted at: https://www.oppenheimlaw.com/what-we-do/real-estate/breach-of-real-estate-contracts/ 

Rate this item
(1 Vote)
Roy Oppenheim

Roy Oppenheim has been practicing law since 1987 focusing his practice on all phases of real estate and real estate development and redevelopment from land acquisition to multifamily, retail, office hotel, industrial and mixed use development, as well as single family home development for sale and rent. Mr. Oppenheim has routinely represented developers, investors, home buyers and lenders in these commercial transactions in Florida and elsewhere in the United States. He has been involved in virtually every stage of the development process from acquisition, due diligence, title insurance, financing and closing of such projects. Mr. Oppenheim’s client turn to him for his sharp legal acumen along with his entrepreneurial background that allows Mr. Oppenheim to approach each matter from a pragmatic and refreshing background. Further, clients enjoy Mr. Oppenheim’s infectious passion for his involvement in their business as well as his unbiased legal opinion based on a holistic approach; rather than from a siloed perspective. From analyzing, negotiating to structuring deals, Mr. Oppenheim’s clients turn to him time and again for his advice. Mr. Oppenheim also represents Florida real estate brokers and Realtors, individual buyers, and sellers in connection with the purchase and sale of Florida real property as well as litigates real estate disputes involving both residential and commercial properties. Mr. Oppenheim also served as outside general counsel for various Florida companies over the past 30 years providing sound legal advice to start ups as well as mature businesses concerning various business and corporate matters including governance, expansion, acquisitions, borrowing, commercial litigation, and employment related matters. The myriad of businesses Mr. Oppenheim represents is vast including from the fields of retail, hospitality, entertainment, healthcare, technology, import-export, and wholesale. Many of these businesses have both a physical and/ or online presence. Mr. Oppenheim here again brings his over three decades of legal knowledge and business experience to his clients and their respective businesses. After Working for Milbank Tweed on Wall Street and White & Case in Miami, Mr. Oppenheim founded Oppenheim Law in 1989 with his wife Ellen Pilelsky where they began representing Arvida development and its various home builders amongst numerous national banks such as Northern Trust, Chase Bank and SunTrust Bank for over 15 years. Serving national, international, and local clients, Mr. Oppenheim has the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S. He has also been selected as a “Best Real Estate Lawyer in the United States” since 2012, a designation of only 5% of all Lawyers. The Firm also has a 10.0 rating, the highest rating from AVVO another distinguished national rating service. In 1989, Mr. Oppenheim also co-founded and served as general counsel to ShopSmart Corp., the company that originated and owned the GNC Gold Card Program, a program that continues to this day and was one of the first cross-promotional programs of its kind. In addition, in 1994, Roy co-founded Weston Title & Escrow, the oldest title company in Weston, Florida that serves all of Florida and has closed in excess of three billion dollars in transactions. Mr. Oppenheim currently serves as its Senior Vice President. In 1999, Mr. Oppenheim also served a one-year term on the board of directors for Catalina Lighting, a publicly traded company on the New York Stock Exchange. Mr. Oppenheim is also designated by the Florida Secretary of State as an International Civil Law Notary, one of only 137 out of 106,000 attorneys in the State. In 2008, during the foreclosure crisis and the Great Recession, Mr. Oppenheim and his team of lawyers represented 1000’s of homeowners that were unable to pay their mortgages and were facing foreclosures. Facing daunting odds and the rath of large foreclosure mills funded by the big banks Mr. Oppenheim helped establish a new legal practice area of foreclosure defense while helping these homeowners defend themselves against the banks. During that time Mr. Oppenheim became an outspoken critic of the banks and started the Southfloridalawbog.com which was voted the best business and technology blog by the South Florida Sun-Sentinel. The blog was syndicated to Yahoo! Homes, and Newsweek. Mr. Oppenheim routinely appeared on HuffPost Live, FOX News, and Lifetime TV and on WLRN Radio. In addition, he has been quoted in prominent national publications, including USA Today, The New York Times and Huffington Post, among others. Mr. Oppenheim has also co-authored and two law review articles, Deconstructing The Black Magic of Securitized Trusts, published in the Stetson University Law Review’s Spring 2012 Edition, and The Emperor’s New Clothes, published in the William & Mary Business Law Review Volume 6. Both addresses systemic legal problems with the residential foreclosure process at the time. During that time Mr. Oppenheim became an outspoken critic of the banks and started the Southfloridalawbog.com which was voted the best business and technology blog by the South Florida Sun-Sentinel. The blog was syndicated to Yahoo! Homes, and Newsweek. Mr. Oppenheim routinely appeared on HuffPost Live, FOX News, and Lifetime TV and on WLRN Radio. In addition, he has been quoted in prominent national publications, including USA Today, The New York Times and Huffington Post, among others. Mr. Oppenheim has also co-authored and two law review articles, Deconstructing The Black Magic of Securitized Trusts, published in the Stetson University Law Review’s Spring 2012 Edition, and The Emperor’s New Clothes, published in the William & Mary Business Law Review Volume 6. Both addresses systemic legal problems with the residential foreclosure process at the time. Admissions Florida Bar, 1987; Member of the Real Property Probate and Trust Law Section New York Bar, 1987; United States District for the Southern and Eastern Districts of New York, 1987 U.S. District Court, Southern and Middle Districts of Florida, 1993 Education Princeton University, A.B., cum laude, 1982 Northwestern University School of Law, J.D., 1986 Member of the Northwestern University Law Review Member of the National Moot Court Team

https://www.oppenheimlaw.com

Latest from Roy Oppenheim