Q: I have signed a real Estate contract & am unable to perform. What can happen if the buyer sues.
I am a 75 year old senior who is learning how to flip houses. The contract of for 25,000, I live in CA the home is in Alabama. I am buying it from an investor. If I fail to perform what will happen if he sues?
A: That depends on the terms of the contract. If you agreed to do something in a binding contract, and you didn't do it, you are liable for the damages done to the other party. What does the contract say? Read it. I assume you agreed to buy a house, and could not sell it to someone else, and can't now buy the house. The contract itself will say what you will loose if you fail to perform on the contract. You can also be liable for the expenses the seller incurred based on reliance on your contract. Finally, you could be liable for the difference in the market value of the house and what you agreed to pay if what you agreed to pay is higher. The fact that you are 75 years old and apparently didn't know what you were doing is irrelevant, unless of course you lack capacity to enter into a contract.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
