The closing date is not binding in equity. Primary remedies for breach of a real estate sales contract are damages or specific performance. Damages measured by the difference of contract price and market value. The seller s title may not be marketable for reasons that do not indicate the seller s bad faith. Risk of Loss.
Risk of loss is on the buyer once the contract has been signed.
The seller still holds legal title to the land and is regarded as the equitable owner of personal property. Doctrine of equitable conversion - places the loss on the buyer for all casualty losses that happen without fault of either party. Real Estate Brokers. Owners of rights in real estate frequently engage agents to market those rights and find purchases. Listing agreement - contract between a property owner and a real estate broker.