If a buyer fails to meet the terms of the contract, what is the buyer considered?

When a buyer fails to meet the terms of a contract, they are classified as a default buyer. This designation indicates that the buyer has not adhered to the obligations outlined in the contract, such as failing to make timely payments or not fulfilling any other agreed-upon terms.

In real estate transactions, "default" is a legal term that carries significant implications. It indicates that one party has not complied with the contractual requirements, and as a result, the other party may have the right to pursue remedies, such as retaining the earnest money deposit or seeking damages. This context is important because it highlights the seriousness of failing to fulfill contractual obligations and the potential legal consequences that could follow.

Other terms like reliable or responsible buyer do not accurately describe a buyer in default, as these imply that the buyer is fulfilling their contract responsibilities. The term disputed buyer suggests there may be disagreements over the terms of the contract, which isn't relevant to the scenario of simply failing to meet the contract’s terms. Therefore, the classification of a buyer as a default buyer is precise and reflects the buyer's non-compliance with the agreed-upon terms.