Selling your home for a high price is wonderful, as long as you can confidently bank the proceeds. Unfortunately, a certain number of sellers end up in lawsuits involving their home sale transactions. One way to avoid a lawsuit is to learn from other's mistakes.
In our office meeting today, our manager mentioned a little "shop talk" that she had with a top area real estate attorney at her gym yesterday. She asked him what most of the lawsuits were about lately, and his immediate answer was "Deposits."
In the past, non-contingent offers were the norm. Sellers rarely could hold a buyer's deposit if the buyer decided not to proceed with the sale. In a market when the seller was able to find another buyer quickly, and to resell for the same amount, or even more money, it was difficult to prove damages...but in a declining market, the sellers must often sell for less, if they are able to sell at all. Buyers should be careful to protect themselves with contingencies in the contract until they are fully satisfied with their loan terms and the property condition.
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