COTTONWOOD CA Homes For Sale - CALIFORNIA'S REFUNDABLE NON-REFUNDABLE DEPOSIT - Lake California Foreclosures

By
Real Estate Broker/Owner with Chain Real Estate Investments & Mortgage, Steve & Joel Chain

COTTONWOOD CA Homes For Sale - CALIFORNIA'S  REFUNDABLE NON-REFUNDABLE DEPOSIT - Lake California Foreclosures

                                                       CAR logo

 California Association of REALTORS® (CAR) reported that in a recent court case a "nonrefundable" escrow deposit was deemed unenforceable (CA kuish vs. smith/2010 WL373225).

The court's opinion:

  • Provisions for forfeiting money or property must be for ACTUAL LIQUIDATED DAMAGES
  • Neither party in this case signed or intial the liquidated damages provision of the agreement
  • Even if both parties agree to a nonrefundable escrow deposit the agreement is unenforceable.

According to the Residential Purchase Agreement (RPA)of CAR:

  • Seller's are entitled to escrow deposits
  • Not to exceed 3% of the purchase price
  • Only if both parties intial the liquidated damages provision
  • And the Buyer has removed ANY & ALL contingencies

Interested parties please contact for CAR's legal article entitled "Liquidated Damages and Deposit Forfeiture".

 

Buyers And Sellers Seeking Transaction Assistance With Cottonwood CA Homes For Sale or Lake California Foreclosures Please Contact:

Phone: 530-347-6122                                                                      Email; steve@chainrealestate.net

 

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source: CAR

Information deemed reliable, but not guaranteed

Posted by

Scott Marquette, REALTOR ®

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Keller Williams Realty - Carmel Valley

1.858.509.7500, Ext 2  Office
1.858.755.7986             Fax
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www.SanDiegoRealtor.com

Just to let you know, we are NEVER too busy for any of your referrals. If you know of someone who is thinking of buying or selling, feel free to give us a call with their name and number and our team will take great care of them for you!

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