Thank you for your prompt response.
I am not familiar with the forms you have mentioned.
My understanding of the forms that I signed in CA is:
The buyer can walk away from the escrow prior to loan contingencies with no penalties. I understand that they can always walk away if they do not get the loan. But I am under the impression that, depending on circumstances, seller should be able to collect damages after contingency removals. Otherwise, the buyer can walk away from escrow 1 day before close of escrow.
I always assumed that once those contingencies are removed then the process protects the seller from buyer not completing the transaction with respect to damages incurred. Otherwise why do we have those contingencies in place?
This form seems to put a contingency on seller to wave the protection provided by contract.
In may case, I am thinking of asking when each party (agents, broker, escrow) was aware of this document as a last resort. Because it should have been presented to me EARLY and this document is standard and required. and if breaks the deal, someone has been negligent. But I hope it does not come to that.
I don't think financially I have much of a choice at this point. Since I am being told 5 days prior to close that lender will not release the money unless I sign this document...
Good luck Sandra...I am talking to a real estate attorney friend of mine. If there is any useful findings I will post it.