Boca Raton Real estate Lawyer

After the draft of the sales contract, the buyer and the seller of real estate property require to abide by its dictates. What happens if the seller refuses to close the deal at this point? Well, real estate closing requires following certain legal directives. Hawaii real estate laws provide the details of these.

Most sales contracts outline the details of what happens subsequent to the seller’s default. However, if there is an omission in this regard, it is best to talk to your real estate lawyer to choose the right course of action.

The buyer, with the help of a lawyer, needs to obtain an order of ‘specific performance’ from a Hawaii court. As per this order, the seller requires to transfer the property and close the deal as soon as the buyer pays the agreed purchase price. Otherwise, the seller is held liable for contempt of court.

Default on the part of the seller to complete Hawaii real estate closing also gives the buyer the right to file a lawsuit for difference money damages. This implies the difference between the price of the property, in the contract, and the price of the property, in the real estate market.

The buyer may also ask for the recovery of associated damages like mortgage application fees, appraisal charges, and such others. Usually, the payment of these fees is already complete before the closing of the deal. It is wise to discuss the matter with your lawyer to understand what damages you can recover.