Alright, so you are in the middle of a property transaction when the Buyer breaches the deal and now you, Mister. Seller want to acquire damages. The deposit that was on the agreement is low, perhaps only $1000 but your damage are higher than the deposit. The law says that the vendor can accumulate as much as three percent of the purchase price right, true, except if you initialed the "Liquidated Damages" supply. In a standard non commercial purchase contract where the Buyer will occupy the home, the seller is only going to be entitled to the deposit amount. The Owner needs to understand what this means to initial the "Liquidated Damages" provision. The moment this clause is initialed by both Seller and Buyer; this provision will limit the amount that the Seller can restore to the deposit amount, should the Buyer break the contract. So, when you accept an offer with a minimal deposit? It is merely fine to do so, but keep in head that it will limit your recovery amount.
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