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Question:
What could they sue us for? We backed out of our contract, breaching it. The contract states “If the Purchaser fails to perform, the deposit shall be retained by Seller. In the event a release is not signed by Purchaser, Broker shall retain the earnest money deposited until (I) Purchaser and Seller have settled the dispute; (II) disposition has been court ordered; (III) Broker deposits said amount with court pursuant to applicable court procedure.
They are suing us for the asking price and the full asking price of the home the contracted. $200, 000 – can they do this? What should I do? (Dayton, OH)
Answer:
It is possible that you could be sued for the asking price. The seller’s available remedies here will depend upon what is stated in the Purchase & Sale Agreement as well as applicable state law. I would take this matter very seriously and encourage you to seek counsel to represent your interests. I presume the property is in Ohio from your post. Thus, you will need an attorney licensed in Ohio to properly advise you about your obligations and rights under the terms of the Purchase & Sale Agreement and Ohio law.
Disclaimer
This answer is merely for general informational purposes only and does not constitute an attorney/client relationship. You are strongly advised to consult with an attorney licensed in your home jurisdiction to get detailed advice on your legal matter based on the laws of your home jurisdiction and case facts.