Cant Close On A Signed Sales Contract
What happends If I sign a sales contract with a seller and am unable to find a buyer within the 30 days, therefore voiding our 30 day agreement in the sales contract?
Do I just simply lose the deposit?
Generally yes, unless there is a specific performance clause, in which case you could be forced to honor the contract.
Depends on the provisions of your contract. Do you have the right to terminate before the end of the 30 days and get your money back?
This is all hypathedically speaking, so I assume that when I do go into contract I should make sure that my contract does not hold me liable should the sale not be completed?
I'd suggest that your contract include some sort of contingency provision, if your intent is to try to find a buyer, so that you can terminate the contract prior to the end of the contingency period and get your down money back.
As far as getting my down money back.. My intent is to secure the contract with only $10 down.... should be acceptable to someone who is motivated to sell..
what do you think?