§ 3307 Real Estate Breach Damages

Key Takeaways

•If someone agrees to buy a house but backs out, the seller can ask for money to cover the loss.
•The seller can get the difference between the agreed price and what the house is actually worth.
•The seller might also get extra money for other losses caused by the buyer backing out.
•The seller can also ask for interest on the money owed.

Example

You agree to sell your house to someone for $300,000, but they change their mind. Later, you find out your house is only worth $250,000 now.

The buyer has to pay you the difference, which is $50,000, plus any extra costs you had because they backed out, like having to pay for storage or a temporary place to live. They also have to pay interest on that $50,000.

The detriment caused by the breach of an agreement to purchase an estate in real property is deemed to be the excess, if any, of the amount which would have been due to the seller under the contract over the value of the property to him or her, consequential damages according to proof, and interest. (Amended by Stats. 1983, Ch. 262, Sec. 2.)

Key Takeaways

•If someone agrees to buy a house but backs out, the seller can ask for money to cover the loss.
•The seller can get the difference between the agreed price and what the house is actually worth.
•The seller might also get extra money for other losses caused by the buyer backing out.
•The seller can also ask for interest on the money owed.

Example

You agree to sell your house to someone for $300,000, but they change their mind. Later, you find out your house is only worth $250,000 now.

Key Takeaways

Example

Key Terms

References

§ 3307 Real Estate Breach Damages

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References