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There are 2 blog entries for July 2010.
Saturday, July 31st, 2010 at 7:30pm. 491 Views, 0 Comments.
Question by NowhereMan: what does "subject to cancellation of existing escrow mean"?
We are currently in the process of buying a house, and we noticed that the home we are in the process of buying has been re listed on several websites as "Back on market subject to cancellation of existing escrow" what does this mean? It is making us a little worried...
We were approved for out mortgage and everything seems fine but our escrow was set to close on the 12, tomorrow but isn't going to because the back FHA requested that some repairs be done to the home by the seller, another bank, before they give out the loan.
Answer by Kris
It means the house will immediately be available to other home buyers should your transaction fail to close. You're
Thursday, July 8th, 2010 at 7:33pm. 1058 Views, 0 Comments.
The liquidated damages clause is a key home buyer protection. The funny things about it is that sometimes buyers are hesitant to initial the liquidated damages clause, which is optional. It is paragraph 25 of the California Residential Purchase Agreement.
As a buyer, at first glance the liquidated damages clause may seem like you are agreeing to lose your deposit in the case that you should default. However, that is not the case, nor the focus of this clause. The buyer has actually already agreed to lose their deposit if the buyer does not complete the transaction once contingencies are removed because of fault of buyer. This is agreed to in clause 14F regarding the effect of cancellation of escrow on the buyer's deposit.