Legal Question in Real Estate Law in Maryland
No good buyer
This is a follow up question.
http://www.lawguru.com/cgi/bbs/mesg.cgi?i=165315667
I've never recieved the rest of the deposit and about 5 false settlement dates have come and gone. I've never heard from this guys lawyer, so I'm relying on the buyers information about when and where settlement would be. After the latest false settlement, Oct 6, I wrote my buyer a letter stating my frustration but also telling him that I would like to work this out. I asked for the rest of the deposit and set a settlement date. I also gave him the option of paying the depoist and signing a contract release form. I also said if we reach the agreed upon settlement as stated in our contract, I would forced to take legal action against for breech of contract.
After recieving the letter my buyer called me and said he would see me in court.
My question is, what can I legally do now? Am I stuck in this contract till the said settelment date on our contract (nov 28)? Can I sue? and for what damages?
2 Answers from Attorneys
Re: No good buyer
If the buyer, either by his actions or statements, has made it clear that he does not intend to settle on the contract, he has committed an anticipatory breach of the contract and you can declare him to be in default. I would take the position that his failure to tender the deposit called for in the contract constitutes such a breach. Otherwise,you will have to wait until the settlement deadline date
to see if he does complete his contract obligations. It's difficult to compute damages in a real estate contract until you try to resell the property. If you make a reasonable effort and end up with a lower price, your damages would essentially be the difference in the two prices, as well as possibly some other items.
Re: No good buyer
You should contact an attorney to have the matter of a contract dispute resolved. Damages may be a potential but real estate appreciation may make your claim speculative. I am available at a modest fee to assist you with this matter. Joe Holthaus (410) 799-9002
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