Q: Building a house and this is in the contract. Does this mean that we could be liable for more than the Ernest money?
Does this mean that we could be liable for more than the Ernest money if something happens and we have to back out? “should the buyer default in the performance of this contract on his part at the time and in the manner specified then at sellers option the ernest money shall be forfeited as liquidated damages, but such forfeiture shall not prevent suit by seller for the specific performance of this contract”
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A: Absolutely. However there may be other liquidated damages clauses in your Contract which might be used by or against the seller. Specific Performance is a cause of action by the aggrieved party to sue to force a sale of real property, which is usually very expensive. Hire a competent attorney to at least advise you of the risks, and to minimize the consequences of your breach.
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