The above information is designed to enable a buyer or seller of real estate to know enough about the actual process in advance of entering into a contract so as to minimize the possibility of problems. Occasionally, our best efforts fail and one party breaches the contract. There is no provision in most standard form contracts for the losing party to pay attorney’s fees for the winner. Neither is there generally a liquidated damages clause, although often buyers are forced to forfeit their deposit in the event of their breach. In the event of litigation, both parties lose because even the winner generally pays his attorney just to wind up where he wanted to be! Also, it can easily take years to resolve a lawsuit based on even a simple real estate contract.
Most problems, even serious ones, however, can be resolved without resort to legal action. By reading the contract carefully, studying the information provided above and discussing your concerns with your attorney, reasonable and informed expectations are created and unpleasant surprises can be avoided.