Posted by Bill Bronchick on February 09, 2004 at 16:36:04:
Par 3, page 181
Enforcement of contract to buy - Posted by Jake
Posted by Jake on February 08, 2004 at 18:57:29:
In doing flips, I have read that it’s all about making offers. Assuming you’re making offers and putting down earnest money ranging from $ 10 - 500 dollars. If situationally you can not find a purchaser of your flip b/c of location or your buying price not being low enough. Is there any legal way the seller can force you to buy or mess up your credit.
It is my understanding that you always have the option to back out and lose your earnest money deposit. Is that true? If not, are there any specific clauses that indicate if they may force sell or not.
I’m in IL if it makes any difference.
Jake
Liquidated Damages Clause - Posted by William Bronchick
Posted by William Bronchick on February 08, 2004 at 20:22:24:
An LD clause will limit the seller’s recourse to your earnest money. You can find this language in the contract in the appendix of my Flipping Properties book.
Re: Liquidated Damages Clause - Posted by Jake
Posted by Jake on February 09, 2004 at 16:23:09:
Thanks - I glanced through your book last night. didn’t see it, I’ll spend a bit more time this evening looking for it in the Appendix. I have your 2001 publishing.
Jake