EM Drposit and option fee- commercial contracts

EM Drposit and option fee- commercial contracts

Member since 2024 · 1 post · 0 votes

If you have commercial contract and the earnest money is not due for 14 days, 

It has a 45 day feasibility. During that 45 days. $1000 is to be taken out of the earnest money if the contract is terminated. 
if that earnest money is never deposited then the thousand dollars fee for the disability time would not be deposited either. Forgotten 

Since the $1000 is to be retained from the earnest money deposit. But,  The earnest money deposit is never deposited. Is there an option to terminate during that first 14 days if  the earnest money or option fee has never paid .
 

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  • Investor · Chicago, IL · Member since 2018 · 307 posts · 149 votes
    2mo

    I don't know what you're saying but have you tried asking an attorney

  • Member since 2020 · 1 post · 0 votes
    2mo

    Received confirmation as to what I thought the answer was, in that is the buyer is still responsible to pay $1000 option fee , otherwise he’s liable to perform under  the contract releasing $1000. He has an option to terminate. 

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