Putting 2nd house under contract quick question

[Aaron Cheatham]

Hello,

I'm putting my second house under contract Friday. I want to make sure this clause I have in my contract covers me FULLY if I don't end up selling the house.

Here it is:

7. DEFAULTS: If buyer defaults under this contract, any and all monies deposited by buyer(s) shall be retained by
seller as full liquidated damages. If seller defaults, buyer may pursue all remedies allowed by law and seller
agrees to be responsible for all costs incurred by buyer as a result of sellers default.

Thanks in advance for the help.

[Joel Owens]

You are asking for legal advice for which I cannot give.

That said your wording basically says if you leave the seller hanging the seller is limited to your earnest money which I am sure you give a tiny paultry sum.

Yet if the seller defaults you can come after them full force for compliance.Sweet deal for you but sucks for the seller.

Are you getting a lot of sellers to agree to this???

If I was the seller I would hold a BIG earnest money deposit if I agreed to that.No sense locking up the property for a tiny sum.

So it sounds like you are an assigner and not a property buyer to just collect a fee correct??

Good luck