QUESTION
We are in contract on a small house in Mayaguez. We close tomorrow and found we cannot live in its unsafe area. What happens if we breach.
Asked on Apr 08th, 2018 on Breach of Contract - Puerto Rico
More details to this question:
We seen a house in November in the evening. After dark. Area looked well. Loved the house. Made offer and they accepted. We spent three months getting run around on closing and such. We are to close tomorrow and are going to breach the contract. What happens then. Banco de popular is the foreclosed owner of the home.
1 ANSWER
if you breach the contract, you will be liable for the damages caused by the breach. If the bank can sell the house, it would be the difference between the price it gets and what you agreed to pay, plus interest, as well as any costs the bank incurred preparing for the closing Also, I would assume that the contract includes an attorneys fees provision making the breaching party responsible for the other's attorneys' fees in litigating the case. If the bank is unable to sell the house, you would be responsible for the entire purchase price, minus the fair market value of the house.
Answered on Apr 09th, 2018 at 9:48 AM