Posted by BTI on May 24, 2007 at 21:02:21:
Paul
Sorry to hear about your situation but if you made a deal with no outs, 3% is reasonable liquidated damages. It could be worse I’ve had seller/clients that were successful in getting the difference between a buyers original deal and what the house sold for, and that can be plenty in a falling market.
BTI
breaking contract - Posted by Paul
Posted by Paul on May 23, 2007 at 12:26:16:
I made a no contingency offer to buy a home for $700,000. At the last minute I had to break the deal. I put down a deposit of $25,0000. The contract said if I break the deal the seller is entitled to 3% maximum of the purchase price of the contract in this case $21,000. I have offered them $10,000 which they will not accept and have asked to go to mediation. Do I owe them the entire 3% or do they have to prove damages. The property is in California