Q: If seller doesn't make repairs by loan commitment date and closing is pushed back is the commitment date still binding?
Do I lose my earnest money when deal falls through?
A:
There are a lot of questions that need to be asked before your question can be answered. Basic ones are, what duties does the seller have according to the contract? What duties does the buyer have according to the contract? Is there more than one contract governing?
Additionally, the phrasing of the relevant clauses in the paperwork can have an impact, since it is important that liquidated damages reference the fact that damages are difficult to ascertain. Getting a qualified attorney involved at this stage can save you many headaches down the road.
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