Buyer Defaults

Real Estate Attorney in Lexington

The Law Office of James R. Snell, Jr., LLC , located in Lexington, South Carolina, is a Real Estate Litigation law firm that can assist you in the event that a purchaser has defaulted on your sales contract. Often times a buyer will think that the only recourse against them is a loss of their deposit or earnest money. This is not the law in South Carolina. When a buyer refuses to close on a binding sales contract they are liable to the seller for all of the general and special damages resulting.

These damages may be available for cases involving commercial, industrial, land or residential property. The default law in South Carolina is a seller is responsible for the full sales commission upon the execution of the contract. This is regardless of whether or not the closing actually takes place. This commission can be an additional element of damages that can be sought against the defaulting buyer. Legal damages frequently exceed $10,000 or more. You may also have a right to seek specific performance which is a Court order requiring the buyer to complete the transaction.