The purpose of The Uniform Land Transactions Act is to:
1) simplify, clarify, and modernize the law governing real estate transactions;
2) protect consumer buyers and borrowers against practices which may cause unreasonable risk and loss to them;
3) promote the interstate flow of funds for real estate transactions; and
4) make uniform the law with respect to the subject of the Act among states enacting it.
In the absence of specific provisions, the principles of law and equity, including the law relative to capacity to contract, principal and agent, marshaling of assets, subrogation, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy or other validating or invalidating cause, supplement the Act. Likewise, unless a section of the Act contains “notwithstanding agreement to the contrary” or other language requiring a contrary result, the parties, by agreement, may vary the effect of any provision of the Act. However, the obligations of good faith, diligence and reasonable care prescribed by the Act may not be denied by agreement. The parties, by agreement, may, determine standards by which the performance of those obligations is to be measured if those standards are not manifestly unreasonable.
The courts liberally administer the remedies of the Act so that the aggrieved party is put in as good as position as though the other party had fully performed. However, consequential, special, or penal damages are not awarded except as specifically provided in the Act or by other rule of law. Moreover, any right or obligation declared by the Act is enforceable by judicial proceeding unless the provision declaring it provides otherwise.