Legal Question in Real Estate Law in Nevada

Re: Real estate contract retraction

Would need to review all the documents.

Re: Real estate contract retraction

Can't speak for Nevada law, but if this were a California property, the usual rules would include:

1. A buyer can often force a seller to perform; a seller can rarely force a buyer to perform. The performance is ordered through a lawsuit asking for "specific performance" of the contract.

2. It is important for a party considering breaching a real-estate purchase agreement to review the agreement for terms requiring mediation and/or arbitration, attorney-fee clauses, and liquidated damages clauses or anything else affecting the rights and remedies of the non-breaching party.

3. Many contracts, but not all, have liquidated damages clauses; often, these limit damages to deposits already made.

4. Look for un-met contingencies and other technicalities that might afford you an avenue to withdraw without being in breach.

5. If you have used a real-estate professional, consult him/her. While the agent or broker may not be happy at the prospect of losing a commission, there is a duty of loyalty to you and he/she should be looking out for your best interests.

6. If you are dealing with a builder, developer, or other wholesale producer of units of the kind you were planning to buy, try to find out by local inquiry how the firm has dealt with others who breached their contracts. See if the seller is currently party to any lawsuits as plaintiff (or defendant, for that matter) in the local court.