Re: Input NEEDED!!! - Posted by Carey_PA
Posted by Carey_PA on July 24, 2001 at 08:40:53:
I would think that IF you have the clause in the contract regarding liquidated damages that that would be all the seller could get out of you if you were not able to perform. If you put no earnest money down, then I guess their liquidated damages would be $0.
I would definitely TRY TRY TRY and TRY again to sell the place, do your best NOT to back out of the deal, because you will get yourself a bad name.
I mean if it comes down to the wire, you may even want to think about assigning your l/o agreement to an end tenant/buyer.
Keep in mind though, I’m not a contract attorney or anything like that, so I would wait for Bill Bronchick or SueC or someone to post a response to your question.