The three major forms of law suits which i see are infringement of contract by a buyer, infringement of contract by a seller and also non-disclosure of a essential property shortcomings to a buyer. Let’s take a look at these forms of law suits and how they impact the parties involved.
1. Infringement of contract by the property seller – in this instance the seller decided not to offer his property to the consumer on the contract which he formerly agreed to and also signed in good faith. The property buyer has the right to take a particular performance or even infringement of contract lawsuit resistant to the seller. It is contract law and it is adjudicated throughout civil court. The main reason that the property seller reneged does not matter throughout contract law – the problem must be “were the terms of the contract” dishonored and also who was to blame.
2. Infringement of contract by the property buyer – in this instance the buyer’s assessment period has transpired so his or her deposit is non-refundable and he or she has did not close on the property. No matter what the reason, which includes his lender altering his mind, the property buyer breached the contract. Nevertheless, when the property buyer had the written agreement be “depending on financing”, even though he did not close he will not lose his down payment.
3. Non-disclosure of a essential property deficiency – in such a case the seller will not disclose to the property buyer that the property he or she is buying has a deficiency which is considerable enough that the consumer will not have bought the property had he identified.
This looks a bit vague particularly when the buyer just changes his or her mind regarding owning the property. In a case in which I was expected to become an expert witness, the property seller had very carefully concealed a termite issue so terrible, that conceptually, the property was in risk of collapse quite soon.