Posted by Anne_ND on May 22, 2006 at 21:09:35:
Sounds like they want $5K at signing or else the contract is void. The most earnest money I would put down is $1K, but more usually $100 or something small that I feel I can walk away from. Make sure the earnest money goes into escrow not into their pocket.
Does not sound like a motivated seller to me.
Anne
newbie with a house under contract - Posted by Toni
Posted by Toni on May 22, 2006 at 20:28:53:
I have a house under contract with an addendum with all the right clauses, seller has excepted the contract and addendum, but the thing is the seller wrote in the addendum this addendum is subject to 5000 payment at signing of contract.Does this mean i dont have control of the property? They have signed the addendum and contract, so i do right? Can anyone let me know
Re: newbie with a house under contract - Posted by John Corey
Posted by John Corey on May 23, 2006 at 08:10:36:
A lawyer should review if you want an opinion that has something solid behind the opinion.
They said the contract is subject-to a payment. No payment, no contract is one read. Again it will depend on what the contract says and not what was posted here.
They might be expecting a fee for signing. This means that if both parties agree $5K is paid for the signature. It is money that is spent. It does not come out of the price unless there is something that says it does. It is not earnest money to show good faith.
It sort of sounds like you are a newbie and you ran into someone that knows how to play hard ball. If you want all your clauses they want to be paid to play.
John Corey