NONREFUNDABLE DEPOSIT DEEMED INVALID - 02/26/10 03:02 PM
Friday, February 12, 2010

LEGAL PRECEDENT  
NONREFUNDABLE DEPOSIT DEEMED INVALIDCalifornia Association of Realtors Feb. 12, 2010An agreement for a "nonrefundable" escrow deposit is invalid and unenforceable, according to the recent California case of Kuish v. Smith (2010 WL 373225). This case serves as a good reminder for REALTORS® that inserting a "nonrefundable deposit" provision into a real property purchase contract may be legally ineffective. The Kuish case involved a $620,000 escrow deposit for the purchase of a $14 million oceanfront home in Laguna Beach. Instead of using a liquidated damages provision, the buyer and sellers merely agreed in the … (1 comments)

 
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Dave Watkowski

Palm Springs, CA

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Keller Williams Realty

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