Seller terminating a commercial purchase/sale agreement
I executed a PSA to sell a commercial property a week ago (sale price of $3.4m). I'm considering terminating the sale (the property I was going to roll into fell through, among other misgivings about the sale). The PSA specifies in the event of seller termination, the buyer can pursue specific performance or pursue damages for costs incurred. A buyer pursuing and getting specific performance is unlikely, according to my atty. Damages for costs incurred at this point would seem to be costs attendant to due diligence site visits and possibly atty costs (for the PSA negotiation and probably also for whatever time their atty spends on the termination). Anybody terminated a deal after PSA execution before? What was your experience?