Purchase-and-Sale Contract: Your Right to Modify Them

Real estate purchase-and-sale contracts govern the buyer’s and seller’s rights in the transaction. Although standard form contracts are utilized, this does not mean modifications cannot be made. In numerous cases, modifications should be made to clarify the intent of the parties to the transaction. In a recent case, Inlet Colony, LLC v. Martindale, 47 Fla.L.Weekly D1175a (Fla. 4th DCA 2022), the purchase-and-sale contract had a drop dead closing date. There was an addendum to the contract with specific closing terms that stated: Seller and Buyer make the following terms and conditions part of the Contract; Closing will occur [the] later of...

26 October

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Election of Remedies Doctrine and Claims for Specific Performance and Breach of Contract

Posted by David Adelstein

in Trial Perspectives

In an earlier article, I talked about the election of remedies doctrine. The purpose of this election of remedies doctrine is to preclude the plaintiff from obtaining a windfall by double-recovering its damages under alternative (or mutually exclusive) theories of liability. If a plaintiff could double recover on mutually exclusive theories of liability based on inconsistent facts, then plaintiffs would recover double than what they are rightfully entitled to. That isn't fair! Before a trial court can apply the election of remedies doctrine, it must determine whether the remedies are factually consistent. A party may not obtain judgment for two remedies...

18 June

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Seller’s Remorse can have Consequences, Particularly when the Seller Acts in Bad Faith

Posted by David Adelstein

in Trial Perspectives

Seller’s Remorse? We all have experienced buyer’s remorse in some fashion, but what about seller’s remorse? Perhaps talked about less than buyer’s remorse, but sellers can have regrets too. This, however, does not mean that a seller’s remorse can go consequence-free, particularly when the seller backs out of a deal or sabotages the deal because of seller’s remorse. For instance, what if a seller of real property signs a deal to sell her property and then realizes she could have gotten some more money for the same property? Can she simply back out of the deal or proactively prevent certain...