Legal Question in Real Estate Law in California
Purchase contract default by licensed agent/buyer
Licensed agent/buyer has refused, in writing, about 10 times to honor a $305,000 contract price for a condo. I am the seller. Std C.A. R. contract has liquidated damages and arbitration clause. Deposit only $3,000. He has used extensive written means to extort (layman term believed to be legally correct) by threating to cancel unless I submitted to his demands for a lower price. He did not cancel.It is an installment sale providing me with about $30,000 in tax benefits which are now lost.He used the lost tax benefit as part of his price extortion attempt.
The time for him to close has expired and I have notified per the Time Is of the Essence Clause that I will not extend the time for closing,because of his price default.I belive the agent/buyer has breached his disclosed duty to honest, fair dealing and good faith with the price default. I assume the extortion efforts also breach this duty and probably worse.
Are liquidated damages limited to the deposit, or the 3%limit.and is this the exclusive remedy? Can I clain other direct damages(such as tax benefits which he has put in writing I will not get from another buyer)and/or punitive damages? Are there penalties for his licensed duty breach?
Note: not sent from my email
1 Answer from Attorneys
Re: Purchase contract default by licensed agent/buyer
Would need to see the contract, however, liquidated damages clauses inserted for such purposes. You seem to have more facts that may indicate fraud, etc, etc. Call to discuss if you wish. Don Holben.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
