Top NY Court Sets Damage Formula For Breached RE Deals

Law360, New York (March 22, 2013, 7:21 PM EDT) -- New York's highest court ruled Thursday that buyers who backed out of a real estate deal are liable for the difference between the house's fair market value at the time they reneged and its value when it later sold, remanding the case to the lower court to determine the property's actual worth.

Though the defendant, Dennis Farrell, asked the court to focus on a Third Department decision he interpreted to mean that a seller's actual damages are always the difference between the contract price and any...
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