Asked by Buyingblues, 52722 • Sat Jul 25, 2009
opportunity to upgrade appliances, tiling, and paint colors before actually purchasing. In the contract, there is a clause that states we, the buyers, will pay the difference in cost of those items at closing. My question is this, if settlement does not occur for whatever reason, given that the clause regarding payment in our contract, do we need to give the difference in money to the seller anyway? Our agent seems to think yes and I feel that clause is in there to protect us if we don't actually get the house. Also, we agreed to a settlement date and based locking in our interest rates, etc around that date. Now, the seller will not have the house done by the signed on date, causing our locked in rates to expire and penalties to occur. Legally, do we have any right to hold the seller to the signed on date and demand they pay the penalties? Our agent doesn't seem to have much comment and he is supposed to be representing us!
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