Legal Question in Real Estate Law in California
Thank you Timothy for your answers to my questions! I really appreciate it! One last question: there is only one seller's initials in the liquidated damages part of the contract. What does it mean legally? (we are the buyers who changed our mind to buy property after the contingencies have been released). Thanks so much!
1 Answer from Attorneys
That would require a lot more legal analysis than can be provided here, starting with more information about who the sellers are, relationship to each other, etc., to establish whether the one who did initial can bind the other, the intention of the non-initialing party (oversight or intent not to be bound), and any other theory that might apply to bind the non-initialing seller. There's just no simple cookie-cutter answer to that one. It would not, however, change the fact that the sellers are limited to money damages. It would only affect the measure of damages.
Related Questions & Answers
-
Can we be forced to close escrow if we changed our mind? Asked 10/20/11, 7:58 pm in United States California Real Estate and Real Property