If you’ve purchased a new property it’s very likely that you’re going to need some form of legal representative involved to make sure that an agreement can be put in place for a real estate contract. The vast majority of real estate closings and real estate agreements are handled with that issue, but in some small cases, there are terms of real estate contracts that are broken. Having the contract of sale or real estate in writing and overseen by a legal professional can make sure that you have a leg to stand on when demanding compensation.
How can a real estate contract be breached?
Terms contained within a real estate contract guarantee the overall state of the property at the time of sale, when the property will be vacated, and more. The two main ways that a real estate contract can be breached includes:
Material Breach
A breach of contract as a material breach happens when the party’s actions impact the non-breaching party. It’s often due to a failure to act or meet the main needs of the agreement.
Non-Material Breach
A non-material breach occurs when non-tangible violations occur. This is where a person could seek compensation if the overall condition of the property was reported incorrectly or if a person experienced harm as a result of a failure to report in the contract.
Working with a legal representative if you feel as though your real estate contract has been breached is essential. Contact us today if you are in need of a legal representative for a contract breach with your real estate deal.
This post was written by Trey Wright, one of the best bankruptcy lawyers in Tallahassee! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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