QUOTE(wayton @ Nov 14 2019, 01:00 PM)
Normally the property is caveat once entering Snp, so if seller doesn't return the earnest deposit, buyer has the right to caveat,. Once caveat, the property cannot be sold.
Every Snp has own risk of default, that's why lawyer always draft clause of forfeiture clause on earnest deposit.
Yes, correct.Every Snp has own risk of default, that's why lawyer always draft clause of forfeiture clause on earnest deposit.
That why snp has the 'specific petformance' clause to compel the seller MUST sell to the buyer.
You dont caveat only when seller defaults. Caveat is done IMMEDIATELY when snp signed. So the bold statement is unnecessary.
Caveat is on first come first serve basis. If an early buyer caveat ahead, then ts can kiss his deposit bye bye. That is why an experienced lawyer is important.
Dont slash his fee ... he may only earn from you once.
This post has been edited by mini orchard: Nov 14 2019, 01:12 PM