Brief Fact Summary
Buyers exectued a purchase agreement for a home, but then failed to go through with the agreement. Sellers subsequently sold the home for less than the orignial agreed purchase price and sued to recover the difference.

Rule of Law and Holding
If a purchaser defaults on a contract to purchase realty, as a general rule, the seller has three alternative remedies. The sellers may (1) seek relief in equity for rescission, (2) offer to perform and bring an action for specific performance, or (3) elect to retain the realty and file suit seeking an award of damages. Where a party elects to sue for damages resulting from a breach of land sale contract, the burden is on that party to present competent evidence to support such claim for damages. While a subsequent sale is evidence of the market value at the time of breach, it is not conclusive and the court must properly establish the market value at such time.

Topics
Land Transaction