Mary Tian, Just Looking in 20906

I'm buying a short sale and confused about the process.

Asked by Mary Tian, 20906 Thu Jan 22, 2009

is the the Liquidated Damages clause was invented and added to all standard real estate contracts…BUT IT MUST BE INITIALLED BY BOTH THE BUYER AND SELLER TO BE VALID.

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5
To be binding both parties have to initial. Are you talking about a shortsale approval or about a B
ank owned sale counter addendum.
Web Reference: http://mypbchomes.com
0 votes Thank Flag Link Sun Jul 19, 2009
Mary:

I am not sure what exactly your question is, however I hope I can simplify the answer for you. The contract is not legally binding by either party unless signed and delivered to both parties. So, yes, any clauses would need to be agreed to/signed by all parties. If not, they are not valid.
0 votes Thank Flag Link Thu Jan 22, 2009
I'm confused about your status. If you are an agent you should contact your broker as well as contacting the Florida Association of Realtor legal hotline or an attorney that may be on your staff. And, you should also advise your client to have legal representation. If you are not an agent and you are a buyer without representation you should consult with an attorney immediately to answer your questions and see you through the closing.

JOAN LORBERBAUM MOORE
Associate Broker, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
0 votes Thank Flag Link Thu Jan 22, 2009
Does your company have a lawyer or use your title lawyer who you are closing the transaction with.
0 votes Thank Flag Link Thu Jan 22, 2009
short sales are very complicated and vary from lender to lender. You need to use an atty, or team up with another agent who has done them and understands the process.
0 votes Thank Flag Link Thu Jan 22, 2009
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