Legal Question in Real Estate Law in Georgia

Liability limits on default of contract.

How can one limit the amount of liability to buyer if he defaults on seller financing property. If buyer defaults, then the seller can go after the difference if property is sold for less. Buyer has to pay the difference. How can one limit the liable difference of the note. This property is in excess of 2 million dollars


Asked on 6/29/06, 12:55 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Liability limits on default of contract.

For a $2 million deal, it would be very short-sighted to rely on the internet for the answer to your question. In addition, there is no way for anyone here to answer it without many more details. Find a qualified RE lawyer in your area.

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Answered on 6/29/06, 12:59 pm
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Liability limits on default of contract.

You can certainly try and include a provision in the contract that limits the liability to the sale price, but I don't think anyone would agree to that.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 6/29/06, 1:20 pm


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