Q: I am selling a house. If the buyer reneges on deal....
Can state in my contract that I want daily damages from date of contract, to day of non performance by buyer? example: we sign on may 1st, on Aug 1st they back out. I receive $100 per day 90 days $9000.00 to be deducted from 10% down payment which is theoretically in escrow? If I can state it... is it legally enforceable? If not, what is the defense for the seller in the case of non performance, for any reason by the buyer?
A: You can ask for whatever you like in a contract, the hurdle is gerr
A: Cont'd: Getting the other party to agree.
A: You could ask for it. A contract can say anything. However, the standard contract says that the deposited is forfeited if there is a default by the buyer. A seller can also sue a buyer to close, called specific performance.
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A: It's a very unusual provision, done the right way it can be enforceable, the other side would have to agree and your recourse still will likely be limited (realistically) to retaining the deposit (i.e. it's unlikely you'll get an amount over the deposit even if the $100 per day goes on for 10 years.
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