What is the name of your state (only U.S. law)? NV
My question revolves around a real estate transaction. I was the seller. The purchase and sale agreement states the following:
1. “In the event of litigation, the prevailing party shall be entitled to recover all costs related thereto, including reasonable attorneys’ fees and expenses”.
2. In the event of litigation filed by the buyer, in certain instances, the buyer may be responsible for the opposing party’s attorney’s fees and will be liable for the opposing party’s costs as required by law; and,
3. A suit brought solely to harass or coerce a settlement may result in liability for malicious prosecution or abuse of process.
If a lawsuit was brought against me related to this real estate transaction and I win and I go after the plantiff based on the three items above and he has a standard personal umbrella policy that many individuals carry, is it likely that his policy would cover the claims realted to items 1, 2, & 3 (up to the insured amount of course)?
I know that actual answer depends on the fine print in his policy which I of course currently have no access to. What is your opinion on if it is likely to cover it? My hope is that the answer is no b/c I am less interested in collecting the money than I am in teaching this guy that he should not file frivoulous lawsuits.
My question revolves around a real estate transaction. I was the seller. The purchase and sale agreement states the following:
1. “In the event of litigation, the prevailing party shall be entitled to recover all costs related thereto, including reasonable attorneys’ fees and expenses”.
2. In the event of litigation filed by the buyer, in certain instances, the buyer may be responsible for the opposing party’s attorney’s fees and will be liable for the opposing party’s costs as required by law; and,
3. A suit brought solely to harass or coerce a settlement may result in liability for malicious prosecution or abuse of process.
If a lawsuit was brought against me related to this real estate transaction and I win and I go after the plantiff based on the three items above and he has a standard personal umbrella policy that many individuals carry, is it likely that his policy would cover the claims realted to items 1, 2, & 3 (up to the insured amount of course)?
I know that actual answer depends on the fine print in his policy which I of course currently have no access to. What is your opinion on if it is likely to cover it? My hope is that the answer is no b/c I am less interested in collecting the money than I am in teaching this guy that he should not file frivoulous lawsuits.
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