Buyer v Seller: help! - Posted by Terrance Hamel
Posted by Terrance Hamel on December 12, 1999 at 14:45:02:
Thank you all, for your responses. To answer some questions, in hopes it will bring more answers. I am involved in RE to buy and sell to/from others and make a profit for being a problem solver.
It has been 35 business days since the Agreement. The Seller called on the 30th day, at which point I asked for another day. I declared unobtainable financing and Buyer’s partner non-approval on the 31st. I got the ‘fraud’ call on the 33rd, which would have been the last day I could put earnest money in. The closing date is 45 days from Agreement.
Some of the clauses of this specific contract state:
Cash Deposit to be held in escrow by “TBD” in the amount of “500” within 3 days of acceptance of satisfactory building inspection.
Buyer agrees to make application for, and to use reasonable diligence to obtain said loan. Should Buyer fail to obtain the same ot to waive rights herunder within said time, Buyer may cancel contract.
…all personal property on the premises and real property, including lawn, shrubbery and pool, if any, shall be maintained by Seller in the condition they existed as of Effective Date.
In the event that Seller should fail to consummate the transaction contemplated herein for any reason, except Buyer’s default:
(1) Buyer may enforce specific performance of this Agreement in a court of competent juristiction and in such action shall the the right to recover damages suffered by Buyer by reason of dealy in the acquisition of the Property, or
(2) May bring suit for damages for breach of this Agreement; in which event, the deposit made hereuder shall be forthwith returned to Buyer, or
(3) Declare a default, demand and receive the return of the deposit. All rights, powers, options or remedies afforded to Buyer either hereunder or by Law shall be cumulative and not alternative and the exercise of one right, power, option or remedy shall not bar other rights, powers, options or remedies allowed herein by law.
In the event Buyer should fail to consummate the transaction contempalted herein for any reason, except default by Seller or the failure of Seller to satisfy any of the conditions to Buyer’s obligations, as set forth herein, Seller shall be entitled to retain earnest money deposit, such sum being agreed upon as liquidated damages for the failure of Buyer to perform duties and obligations imposed upon it by the terms and provisions of this Agreement and because of the difficulty, inconvenience and uncertainty of ascertaining actual damages, and no other damages, rights or remedies shall in any case be collectible, enforceable or available to Seller other than as provided in the Section, and Seller agrees to accept and take said deposit as Seller’s total damages and relief hereunder in such event.
Subject to Buyer’s approval of satisfactory building inspection within 30 days.
Subject to approval of Buyer’s partner.
It is agreed that Buyer will have 30 business days from the date of this agreement to perform due diligence. This procedure may include confirming market value, determining any needed repairs, or researching the title to the property. In the event Buyer determines that the property does not meet with their approval, this contract will be null and void and the Buyer deposit will be returned immediately.