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If you are trying to obtain a primary residence loan, but your employer cannot verify that you will be living in the area of your work, you will be denied. I'm not an attorney, so take this with a grain of salt, but a seller cannot force specific performance on someone who cannot obtain the financing to purchase. If you have no money, you have no money.
If you are trying to obtain a primary residence loan, but your employer cannot verify that you will be living in the area of your work, you will be denied. I'm not an attorney, so take this with a grain of salt, but a seller cannot force specific performance on someone who cannot obtain the financing to purchase. If you have no money, you have no money.
but the she can sue us for damaged etc...like money spent on her move/rental/storage even though we already released the $1000 earnest money to her, that only covered her rent.
I'm in Texas if that makes a difference?? I have a Hyatt legal plan thru my employer so I will be in touch with an attorney.
When earnest money is released, you need to read that form. The party who receives said earnest money can only accept the earnest money OR seek damages. Read it carefully, and beyond that, I won't interpret as I'm not an attorney.
And if they wanted to seek damages by not accepting the earnest money, they cannot sell their house to anyone else while they are using their house as leverage. By not accepting the earnest money, they are basically stating that there is still a valid contract on the house. You can't have two valid contracts at the same time (not included a contract that has a back-up addendum attached)...
When earnest money is released, you need to read that form. The party who receives said earnest money can only accept the earnest money OR seek damages. Read it carefully, and beyond that, I won't interpret as I'm not an attorney.
And if they wanted to seek damages by not accepting the earnest money, they cannot sell their house to anyone else while they are using their house as leverage. By not accepting the earnest money, they are basically stating that there is still a valid contract on the house. You can't have two valid contracts at the same time (not included a contract that has a back-up addendum attached)...
I have it, it just states the escro agent (title company) to release $1000 to the seller then our signatures and our broker's signature on it.
Look under Para 15 Default in your contract. They could sue you for damages but they probably will not.
That would tie up the sale of the home in a lawsuit.
Talk to your agent and have him explain to the seller.
yep I've already gotten in touch with my agent who will get in touch with the sellers agent to explain what's going on.
Para 15 yes I read that,
15. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may
(a) enforce specific performance, seek such other relief as may be provided by law, or both,
or (b) terminate this contract and receive the earnest money as liquidated damages, thereby
releasing both parties from this contract. If Seller fails to comply with this contract, Seller will
be in default and Buyer may (a) enforce specific performance, seek such other relief as may
be provided by law, or both, or (b) terminate this contract and receive the earnest money,
thereby releasing both parties from this contract.
oooooh but I will still seek legal advice. But from this clause it's either sue me or receive the earnest money (which she already has because of the extension on the closing date), so I guess she can't have her cake and eat it?
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