When real estate transactions are not consummated, disputes over alleged violations of the terms of the sales contract are par for the course. However, when a Florida appellate court recently affirmed an $850,000 award for legal fees and costs in a dispute over a $2.85 million residential sale gone awry, the real estate industry takes notice.

The ruling by the Third District Court of Appeal in Diaz v. Kosch, is certainly drawing quite a bit of industry attention, and there are a number of important takeaways from it for buyers, sellers and the professionals who work on their behalf.