What Happens If The Buyer Defaults On The Contract?

Chris at Hauseit (https://www.hauseit.com) goes over what happens if the buyer defaults on a real estate purchase contract.

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.
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What happens if the buyer defaults on the contract? Well, in the worst case scenario the seller will be able to retain the buyer's contract deposit, typically 10 percent of the contract price though this is of course negotiable. If the buyer defaults, furthermore per the standard purchase contract in New York the maximum that the seller is able to retain in damages is the contract deposit; therefore, the buyer does not have a risk typically per the standard purchase contract of being sued for more than the contract deposit.

Of course, it doesn't always have to come to this as this is a pretty inflammatory step for the seller to take. Oftentimes something can be negotiated or perhaps the buyer is able to retain their deposit or at least some portion of it. Check us out at hauseit.com to learn more about how we can help you save money when you buy or sell property in New York or Florida.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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