@investwithace · InvestwithACE
Saved 2026-05-15 · Posted 2023-05-01 · Status: New
I’m not your lawyer.. but here’s a more detailed description 👉
Language that makes it clear seller and buyer agree that if the buyer defaults, the earnest money deposit shall be paid to the seller as the sole remedy and buyer shall be released from obligation to purchase the subject property and shall not be liable for liquidated damages experienced by seller due to Buyers cancellation of the sale, and seller waives right to pursue specific performance against the Buyer.
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Comments (14)
Attorney here 🙋🏽♂️ In my state of NJ we are an attorney state and we always remove those clauses in the contract unless it’s for a legit contract termination in accordance with the terms. Almost never have liquidated damages or return of deposit. We usually will put a clause that says: in the even of breach, the parties shall have their rights at law and equity. This means we can sue for damages on losses or sue for specific performance.
As a seller ask for a significant earnest money deposit so if they are walking they do so during their DD period or it is costly to change their mind on the purchase.
Where do you have those contracts so we can download im not from usa it will be very useful. Thanks
Since when is the earnest money deposit “nominal” ? I’ve seen EMDs in the hundreds of thousands
What if they counter you for a higher deposit?
You can literally record this video and play back. You can see the entire contract. 👏
Great point 🔥
How can I get a copy of your contract
😂 completely off topic is that the Microsoft laptop 3? How do you like it
@timoesq
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You da best!
Good information Ace. 👍😁👍