What happens if you can’t settle on a property?
If the buyer is unable to settle on settlement date, the seller can choose to terminate the contract, retain the deposit and may sue the buyer for damages and/or specific performance.
If the Seller agrees to extend the settlement date, they can also charge penalty interest..
Can you force a buyer to close?
Generally in a home sale contract, the Buyer does have the right of Specific Performance, meaning they can force the Seller to sell them the home. This is because the law sees land, or the real property, as unique. … The Seller was expecting to get paid a certain mount of money, and now the Buyer is backing out.
What can a buyer do if Seller fails to complete?
When a seller fails to fulfil their contractual obligations prior to completion, the purchaser can either terminate the contract, or complete the contract and sue the seller after completion for failure to comply with the terms of the contract.
What happens if a buyer breaches a contract?
When a buyer breaches a real estate contract, the seller may be entitled to monetary damages. … The seller’s primary damages will usually be calculated based on the difference between the amount due under the real estate contract and the fair market value of the property at the time of the breach.