Posted by Jeff on October 04, 2003 at 08:07:11:
Thanks for your comments.
The only reference to missed deadlines is in the financing section where it says that if the Buyer fails to obtain a loan within 70 days, the agreement is null and void and deposit shall be returned to Buyer. Its been 100 days and still only a conditional approval from the mortgage broker, not the bank. (No appraisal yet)
There is a “Time is of the essence” clause as well.
There is an “Arbitration of disputes” clause that basically says Buyer and Seller agree to the rules of the American Arbitration Association and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof and that we give up our rights to have the dispute litigated in court or jury trial. We both initialed this section.