Q: Would the condo rider overrule the contract? Due to the contract wording "For any reason" am I entitled to the deposit?
I was under contract for the sale of my condo and in the contract that is signed, it states in section 20 under the addendum and additional terms line 5 states that if buyers failed to close for any reason they would forfeit the $30,000. deposit of earnest escrow which was written by their agent. However, their agent has requested we do a full cancelation of funds. The only reason I agreed to rent to them for 3 months was because of this agreement. It was a secured risk if for any reason they didn't close I would have that escrow money to pay the mortgage till we had another buyer. Their realtor knew there was an HOA approval needed, she received the application before they moved in and she relayed to my agent that everything was good on their end before they moved into my condo. It was a surprise when we received the denial letter from the Hoa attorneys for their background check. However, the buyers should have known that he would not pass a background check due to he has 5 felony
A:
Almost every rider to a contract has the following language, "Where this Rider is in conflict
with the terms of the Agreement, the terms contained in this Rider will govern." This means that if the condo rider has a contingency that gives the buyer the option to cancel the contract if they are not approved by the condo association, the buyer can cancel the contract because the terms of the rider apply over any discrepancies in the main contract.
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