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LD Clause Can Strengthen Contract.(Brief Article)
When a prospective homebuyer defaults on a purchase contract, there can be substantial financial harm to the seller.
A concept called "liquidated damages" attempts to quantify the amount of damage for lenders or other sellers seeking redress and avoids litigation in the event that a buyer backs out. The legal department of the California Association of Realtors recently released an update on this subject, which contains information particularly relevant to sellers of real estate-owned, according to REO Nationwide.
But because other states sometimes follow the lead of California on contract law, REO Nationwide said in its recent newsletter that the state offers a good bellwether for everyone in the industry.
A "liquidated damages" clause in the contract enables the buyer and seller to agree upfront on the amount of monetary damages a party will be entitled to in the event the other party fails, breaches or ...
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...CJ Gehlke, president and founder of REO Nationwide in Newport Beach, Calif. Inside the...the control at the warmest setting, REO Nationwide advises. For drawers in the kitchen...prevent freezing, according to tips from REO Nationwide. There is no one home to smell a leak...
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...damage, said C.J. Gehlke, CEO of REO Nationwide (www.reonationwide.com). Leaks...knife and fibered plastic roof cement, REO Nationwide recommends. Neoprene flashing cement...ventilation system is needed. Also, REO Nationwide advises lenders to check for window...
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...point to create benefits for everyone involved in getting accurate BPOs. According to CJ Gehlke, president and founder of REO Nationwide in Newport Beach, Calif., Benefits will allow everyone to continue saving money by avoiding excessive appraisal costs...
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...preventative maintenance can help eliminate many moisture problems, according to C.J. Gehlke, president and founder of REO Nationwide in Newport Beach, Calif. It is important to fix leaky faucets and dripping toilets. Common problems include stoppages...
Source: HighBeam Research, LD Clause Can Strengthen Contract.(Brief Article)