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Updated almost 11 years ago,

User Stats

592
Posts
283
Votes
George Paiva
  • Investor
  • Milford, CT
283
Votes |
592
Posts

NEED GEORGIA LAWYER

George Paiva
  • Investor
  • Milford, CT
Posted

Need a Georgia Lawyer for a review of a Purchase Agreement between brokers on a MFH property in Walton County, Georgia. Does anyone know any good lawyers?

I have a big issue with this section:

"DEFAULT REMEDIES: In the event the sale is not closed because of Seller‘s inability, failure or refusal to perform any of Seller’s obligations herein, the Seller shall pay the full Commission to Brokers immediately, and Broker shall return the Earnest Money to Purchaser, which shall not constitute a waiver of any other right or remedy Purchaser may have against Seller. Purchaser agrees that if the sale is not closed because of Purchaser’s inability, failure or refusal to perform any of the Purchaser’s obligations herein, Purchaser shall forthwith pay Brokers the full commission immediately, provided that Brokers may first apply up to one-half (1/2) of the Earnest Money toward payment of the Commission and shall pay the balance thereof to Seller as liquidated damages of Seller, if Seller claims such balance as Seller’s liquidated damagers in full settlement of any claim for damages against Purchaser, whereupon Brokers shall be released from any and all liability for return of Earnest Money to Purchaser. In such event, Broker shall be entitled to apply one-half (1/2) of the Earnest Money against Broker’s Commission, notwithstanding the fact that Seller may not claim or be entitled to the balance of the Earnest Money as liquidated damages, and Purchaser shall remain liable to Brokers for the balance of the full Commission. If Seller claims one-half (1/2) of the Earnest Money as liquidated damages, such sum shall be Seller’s sole and exclusive remedy for such default and no action for specific performance shall thereafter be available against Purchaser."

Sounds like we are on the hook for full commission to the brokers if we don't perform on this purchase.

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