Breach Of Contract


Definition of "Breach of contract"

Rosemarie Averhoff
  RE/MAX Metro Associates

Failure, without sufficient reason, for one or both parties to perform the terms of a real estate contract. Breach requires unequivocal, decisive, and absolute refusal to carry out the agreement. When a breach takes place, the damaged party may recover the resulting losses. It is also possible to sue for performance if recovery is inadequate.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

White List States

States that allow the placement of surplus lines only with insurance companies that the states have ...

Water-holding Capacity

How much water may be retained in a unit, such as an expansion tank in a home. ...

Syndicate

A group of investment bankers underwriting and distributing a new or outstanding issue of securiti ...

Claim, Obligation To Pay

Clause in liability insurance policies stating that the insurance company has a legally enforceable ...

Dual Index Mortgage

A mortgage on which the interest rate is adjustable based on an interest rate index, and the monthly ...

Defense Research Institute (dri)

Organization of trial attorneys who specialize in the representation of defendants who become subjec ...

Related Real Estate FAQ

What Is Hazard Insurance?

Hazard insurance is insurance coverage that compensates for physical damage to a property from natur ...

What Is Long Term Care Insurance?

Long-term care refers to a broad range of medical and personal care services designed to assist indi ...

What Is A Mortgagee?

A morgagee is the lender. ...

What Are Basis Points?

Basic points relates to changes in the interest rate for your home. ...

What Do I Need To Know About Term Life Insurance?

Provides financial protection for a limited, specified period of time, at a lower cost than permanen ...

What Is A Quit Claim Deed?

A quit claim deed is a formal document that denies a claim to a certain property. Often used to clea ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

How To Choose A Realtor Foreclosure - The Pros and Cons of Buying Build or Buy? That’s the Big Question Home Prices - The Extra Costs What do Real Estate Attorneys do?

FAQ

What is a sales contract? What is underwriting? I looked at a property yesterday with a REALTOR® who seems to be clueless. I am really interested in purchasing the property, though. Can I switch agents and still make the purchase? What is a mortgagor? What is a quit claim deed?