Dealing With The Bank.
Hi All,
I am in negotiation with a bank on one of their foreclosed properties. We have agreed on a price but now they want to sign a contract different from the one approved by the Real Estate Commission.
In this contract, they have an addendum that states that I waive all rights to any claims arising from mistakes or errors even on their part.
The contract also states that if, for any reason, I breach a number of warranties in the contract, the bank has the recourse to come after me and I am supposed to pay them all attorney costs and $5000 to boot. However, if the bank defaults, the only recourse that I have is my earnest deposit.
From your experience, is this expected verbiage in a bank contract? I am disinclined to sign such an unfair contract and would like to get some input from others who have had the chance to deal with banks in the past.
Let me know your thoughts.
Thanks,
JS.
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