Failure to Disclose Latent Defects
If a realtor or owner attempts to sell or otherwise misrepresent property as having no defects when in fact some are hidden, that can qualify as fraud or breach of contract.
Two neighbors very commonly disagree on where one property stops and another begins.
It can often be extremely difficult to determine who should have access to bodies of water that straddle multiple property lines.
Liens can be both residential or business-related, and can very often fall prey to misunderstandings and misstatements.
Breach of Contract for Sale or Rent
If a landlord refuses to transfer title, you have recourse. This is by far the most common real estate-related cause of action.
Breach of Real Estate Contract
The remedies for breach of contract will be different depending on whether the buyer or the seller of the property is the one in breach. Some will be detailed in the real estate contract itself, while others may require a lawsuit.
If the buyer breaches or defaults on the real estate contract, a seller in Florida has remedies in both law and equity (also called chancery) that he can use in order to try and be made whole. He may bring a standard lawsuit for breach of contract, or he may sue for what is called specific performance: the execution of the contract as agreed upon. A court will not, however, demand specific performance if the buyer has not proven they have the money to close the sale; to do so would bankrupt the buyer, which is against public policy. Another possible remedy is to seek rescission, or a complete cancellation of the contract, but this can only be done if both parties can be put back to where they were before the contract was drawn up.
If the seller breaches or defaults, a buyer may pursue the same remedies, but they may also attempt to pursue what is referred to as reformation if the default happened due to a misunderstanding. Only the buyer may start the process of reformation, because if the seller were able to, they could conceivably hold the buyer’s interest hostage until they agreed to potentially unfavorable terms.
Save Yourself Time & Effort
Real estate law is extraordinarily complex, and it is best to get a professional involved if questions crop up regarding your purchase or sale. The experienced real estate attorneys at the Silver Law Group have a long history of success in negotiating agreements and accords over contentious points of law. Contact our Islamorada office today to discuss your options; we are glad to help.