Quote:
Originally Posted by pegotty
This was something that was coming up frequently in my brokerage so the BIC called the NCREC to clarify and then it was discussed as a group. There was definitely a lot of disagreement among the powers that be, and I think it could be something that could go either way in a courtroom. And it may be the case that the NCAR has made a statement that disagrees with the NCREC but I think there is enough ambiguity that it's important to at least be aware of that ambiguity when advising about that clause.
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But, you specified a possible court remedy, and what was the discussion regarding additional penalty for the buyer's broker discussed, or anything beyond buyer's forfeiture of the EMD as liquidated damages?
IF the buyer and agent are acting in good faith at contract, and the buyer is able to close within the contract deadline with an alternate funding scheme, who is harmed?
Note: I don't take delayed closings lightly, but for various reasons they happen.