![]() ![]() The GA Association of Realtors contract addresses seller recourse if a buyer simply “refuses to close” after all contingencies are satisfied, Properly written contracts have several milestones that need to be met prior to a “clear to close' completion of due diligence, loan qualification, appraisal, repairs, survey and others depending on the complexity of the contract. ![]() There are many possible reasons that a buyer might not close, contracts can contain different clauses and stipulations. If a Buyer Defaults on a Real Estate Contract But what happens if after everything is completed, the buyer or seller just doesn't want to close? In Georgia options are very limited, other states may be different but here the reflex answer of "we'll sue" doesn't broadly apply. There are also any number of specific contingencies that might be written into an agreement. The typical Georgia purchase and sale agreement has a number of standard contingencies buyer financing and inspection the more obvious. In the event of Seller’s Default under (c) above, the parties acknowledge and agree that such default by Seller will cause Buyer irreparable harm and Buyer shall be entitled to any and all legal and equitable rights and remedies available to it against Seller to remedy such default, including, without limitation, injunctive relief prohibiting Seller from refusing to deliver the Goods.If a buyer or seller defaults of a real estate contract, can you sue? The answer is of course, it depends. If Seller is or becomes the subject of a Change in Ownership, Buyer may at its discretion terminate this Agreement or a Purchase Order for default under Article 22, Seller’s Default, at no cost to Buyer, and notwithstanding any termination, Seller shall take all measures reasonably necessary to protect Buyer’s Property and any proprietary information. The Buyer will estimate Seller’s Default Service load obligations within the Buyer’s service territory and report the hourly results to the ISO on a daily basis. If Seller is or becomes the subject of a Change in Ownership, Buyer may at its discretion terminate this AGREEMENT or a Purchase Order for default, Seller’s Default, at no cost to Buyer, and notwithstanding any termination, Seller shall take all measures reasonably necessary to protect Buyer’s Property and any proprietary information. Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day. The untruth or inaccuracy of any representation or warranty of Seller shall not entitle Purchaser to pursue damages or specific performance under this Section 16, but shall be governed by Section 33 of this Agreement.Įxamples of Seller’s Default in a sentence In no event may Purchaser bring an action against Seller for damages or seek any remedy (whether or not in an action at law or in equity) against Seller on account of a Seller’s default prior to the Closing that could require Seller to pay any monies to Purchaser (other than the Capped Expenses Amount) whether characterized as damages or otherwise (except for an action (i) to compel Escrowee to return the Deposit to Purchaser if Purchaser is, in fact, entitled to the return thereof in accordance with this Agreement or (ii) with respect to any failure of Seller to pay the Break-Up Fee ( defined below) ( if applicable) under Section 35.2.3). Seller’s Default means Seller’s failure to perform its obligation to convey the Property to Purchaser in accordance with the terms of this Agreement (as opposed to the failure of a condition listed in Section 12.1 over which Seller had no reasonable control), provided: (1) the reasons for such refusal do not include conditions beyond Seller’s reasonable control or the non- conformance of title with the conditions described in Section 6.2 and (2) Purchaser has satisfied all conditions required to be satisfied by it under this Agreement, is not otherwise in default under this Agreement, and is ready, willing and able to perform all of its obligations under this Agreement and to deliver the Purchase Price due Seller under this Agreement (without tender thereof being required).
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