Buyer Backed Out

[carol4]

I OWN RENTAL PROPERTY IN PA, AND WAS IN THE PROCESS OF SELLING WHEN BUYER BACKED OUT LAST MINUTE. REALTOR ONLY SECURED A $1,500 DEPOSIT WHEN I ASKED FOR $5,000.

A CONTRACT WAS SIGNED AND SETTLEMENT WAS TODAY, 03/08/02. WHAT ACTIONS DO I NEED TO TAKE? AM I ENTITLED TO DAMAGES? NEED ANSWER ASAP. THANKS

 

[Michael Wechsler]

You need to look at the contract of sale and see what damages you may be entitled to as a result of the breach of contract. What amount of damages were specified in the contract of sale?