The failure to perform the provisions of a contract without a legal excuse is considered to be a breach of contract. Buyers need to know that once a contract is signed and ratified by all parties to the contract, that contract is binding to all of the signatories. A breach of contract is serious and the counsel of a qualified real estate attorney needs to be sought. Buyers and/or sellers may be liable to costly litigation when contracts are not followed as per the conditions set forth in the contract. Buyers and sellers will usually have contingencies written into real estate contracts that include whole house inspection, mortgage approval, mortgage rate, certain types of financing being met etc. Buyers are best served when they get the guidance of their attorney and Realtor before signing any documents.
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