Generally, no one likes when the hotline recommends that everyone hires their trial lawyers asap. So, SCR provides several ways to help avoid litigation (e.g., due diligence, contingencies, mediation, call the hotline before legal issues happen or deadlines are missed, training, education, forms, addenda, checkboxes, due diligence termination fee).
Perhaps, use technology to help calendaring and tracking all the deadlines in a transaction.
NAR ethics article #13 can require recommending everyone hires their trial lawyers asap and avoids unauthorized practice of law risks (UPL).
Generally in litigation, the non-breaching party and the brokers can sue the breaching party for their monetary damages and their attorney’s fees, perhaps even specific performance – but many judges prefer to award money over a forced sale/buy.
Posted by: Byron King on 03/15/23 (This information is only accurate as of 03/15/23. You must contact SCR for updates and changes to this information after 03/15/23 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.