Appellate Practice Attorney serving New York, NY
Yes. If he sold the land to you, he is not obligated to take it back in lieu of payment of the contract price. Instead, he can sue you for whatever damages your breach caused him. However, in most jurisdictions, the seller would be required to do everything he can to mitigate his damages. Thus, if he can find another buyer at the same price, or even a lesser price which is made up by the $85,000 you have already paid (at least some of which, if you have been occupying the land, which will be charged against a reasonable rent for the time you occupied the land) and the multiple upgrades, the seller may not have any damages from your breach, and you would not have to pay him anything further.
Answered on Jul 15th, 2013 at 4:20 PM