Contracts
A Hawaii purchase contract requires delivery of the deed within 30 days. The seller fails to deliver. The buyer's available remedies include:
ASpecific performance and/or damages✓ Correct
BOnly monetary damages
COnly contract cancellation
DOnly return of earnest money
Explanation
When a seller breaches a real estate contract, the buyer may seek specific performance (court order requiring seller to complete the transaction) and/or monetary damages.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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