Some people believe if they sign a contract to buy a piece of property and then decide to back out of the deal, the worst result would be a loss of their earnest money. This is not true. While every deal and contract is different, any party that defaults on a contract can be pursued for additional damages, assuming the other party can prove those damages.
In fact, one condo developer in Tennessee is taking aim at several buyers that backed out of purchase contracts. The developer ended up selling the units for significantly less than the original contract price and is asking the former contract holders to pay the difference, or be sued. It should be interesting to see the results.
In fact, one condo developer in Tennessee is taking aim at several buyers that backed out of purchase contracts. The developer ended up selling the units for significantly less than the original contract price and is asking the former contract holders to pay the difference, or be sued. It should be interesting to see the results.
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