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No, not unless it is written into the sales contract that you will sign, or have already signed. If you haven't signed it yet, the use of a specific lender named by the seller, is a negotiable item over which you can try to bargain (e.g.: a lower sales price or a lower interest rate). If the seller is adamant, you may have to decide how badly you want whatever it is they are selling, and be prepared to "walk."
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What is the seller's compensations if buyer does not keep his agreement to purchase real estate?
There are remedies available to the Seller if a buyer does not purchase the real estate as agreed in a written, fully executed contract. These are only available to the seller if the buyer has signed the contract and there are no limiting conditions such as a financial clause, inspection clause, due diligence period, etc. If the buyer breaches the contract the seller may sue to keep the buyer's deposit, sue for damages caused by the buyer breaching the contract, and may also sue for "specific performance" which would force the buyer to purchase and close on the real estate.
What recourse does a seller have when a buyer backs out of a signed real estate sale?
In the US, depending on the circumstances, the seller may be entitled to keep the buyers' deposit if the buyers agree or they take the buyers to court and win their case. (The listing company is not allowed to disburse the deposit unilaterally). Usually, sellers are better off just putting the house back on the market and dealing with the inconvenience. If the buyer defaults and it causes major complications for the seller in a market that is depressed, the seller can also sue the buyer for Specific Performance. This would have the court step in and force the buyer to complete the transaction.
In Illinois what are consequences of breaking a real estate home contract?
Are you seller or buyer? If you're the seller and buyer breaks the contract, 1. most contracts say the buyer loses their earnest money. 2. most contracts say the seller can sue you to force you to buy ("specific performance"). 3. In today's economic climate, the contract may say that if the seller later sells for a lower price, you could be liable for the difference. 4. The contract may provide for additional or less remedies. If you're the buyer and the seller breaks the contract, 1. most contracts say the buyer gets their earnest money back. 2. most contracts also give the buyer the right to sue to force the sale. 4. because every piece of real estate is considered unique (even identical condos that may be side by side or upstairs or down from each other) if you wind up having to spend more for another home, generally the buyer does NOT get the right to sue for the additional money it costs. 5. The contract may provide for additional or less remedies. As between the seller and its broker, if the contract says the broker gets a commission even if the sale doesn't close, the seller could lose a portion of the earnest money that is retained. As a practical matter most brokers don't ask for that because the most likely result is losing the listing. But if the seller breaks the contract, the broker will probably attempt to get its commission. If the parties don't find a way to settle the situation amicably, most contracts, and Illinois law, require residential brokers in these situations, to deposit the earnest money into court and file a lawsuit ("interpleader") that pits the seller against the buyer and then let them duke it out. Any way you look at it, it can be a big mess.
Can you cancel out of a contract on a home before it goes to closing?
If any contingencies are not met it is or won't close. Its easier for a buyer to cancel than for a seller they have more outs in the process. See your agent immendiately-you can keep it from closing and no one can force you to sell if you are a seller but need to legally cancel or could face a lawsuit
What is the role of a real estate principal?
A principal is the main party in a transaction. The buyer and seller are the principals in a real estate transaction. Their roles are self-explanatory. Buyers and sellers are the driving force behind the real estate market.
Can you get a remodify mortgage after bankruptcy?
If the lender agrees, of course you can remodify, but you cannot force the lender to modify the terms.
If you have put your house on the market and have a buyer who has signed contracts and place a deposit but now you want to withdraw the house from seller cn you do this now?
Once you have accepted an offer then there is a valid contract. If you do not complete the transaction the buyer could sue you for specific performance which means they can force you to sell them the home. That is worse case scenario but it could happen. ----
Can a buyer back out of a purchase agreement?
Depends on the contract and what state you are in. Most contracts allow for the buyer to back out under certain conditions (the home fails inspection on an issue that affects habitability or a code violation, for instance). The seller may have the option to remedy the situation by reducing the price or repairing the problem. Most will have an out if you cannot get approved for a mortgage or otherwise finance the property as well. If you simply get cold feet and change your mind, you will likely forfeit any earnest (or escrow) deposit you made with the offer. In some cases, a judge could force a transaction to go through (this is called "specific performance"), but that is more common when the seller tries to back out of the deal, and rare for the buyer. Again, you it depends on exactly what your contract states and what state law says - so read your contract and consult a good real estate attorney in your area!
Can a lender enforce a auto insurance policy?
A lender can force you to have a current auto policy because they want to make sure their vehicle will be paid for if an accident happens.
Do judges mmake settlement for pricipal owed and high interest owed if pricipal already paid?
UNLESS you can prove the lender did something wrong, the lender can sue and force payment.
Goods, Sale of Agreement?
Sale of Goods Agreement(Download)This Agreement for the Sale of Goods ("Agreement") made and effective this __________ (Date), by and between ___________________________________ ("Buyer") and ____________________________________ ("Seller").Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, certain tangible personal property.Therefore, in consideration of the mutual promises herein contained, the parties hereto agree as follows:1. Sale.Seller agrees to sell, transfer and convey to Buyer, and Buyer agrees to purchase the following tangible personal property (the "Goods"): (List here or in an attachment).2. Price.Buyer shall pay Seller for the Goods $_________________. Buyer shall make payment of the full purchase price by 10 days following delivery of the Goods by Seller as provided herein, subject to Buyer's right of inspection as set forth in Section 4 below. In the event that the purchase price is not timely paid, in addition to its other remedies, Seller may impose, and Buyer shall pay, a late payment charge equal to two percent (2%) of the overdue balance amount each month.3. Shipping.Buyer shall purchase goods FOB Sellers location and be responsible for all expenses associated with shipping. The risk of loss from any casualty to the Goods, regardless of the cause, shall be upon Buyer upon the delivery of the Goods to Buyer's shipper as set forth herein. When practicable, Seller will follow Buyer's requested shipping instructions. If none are requested, Seller will use its discretion in selecting an appropriate transportation method.4. Right of Inspection.Buyer shall have the right to inspect the goods on arrival at Buyer's facility. Within 3 days after delivery, Buyer must give notice to Seller of any claim with respect to the condition, quality or grade of the Goods or non-conformance to this Agreement, specifying the basis of the claim in detail by fax or recognized overnight delivery service such as FedEx. Seller may, at its option inspect the Goods at Buyer's facilities to confirm that the Goods do not conform. Failure of Buyer to comply with these conditions within the time set forth herein shall constitute irrevocable acceptance of the Goods by Buyer. In the event the Goods do not conform to this Agreement, Buyer's sole remedy and Seller's sole obligation shall be at Seller's option to replace the Goods at Seller's expense or credit Buyer the amount of the purchase price for the non-conforming goods. Return shipping expensive in this case shall be the sole responsibility of Seller.5. Identification of Goods.Identification of the Goods must be made in here or in an attachment.6. Goods Sold in “As is” ConditionGoods are sold in an “As is” condition. The Seller makes no warranties of any kind to the Buyer. This clause shall be broadly interpreted in favor of the Seller.7. Transfer of Title.Transfer of title and full ownership rights in the Goods shall not pass to Buyer until Buyer has paid in full the purchase price to Seller including any late fees, if applicable, as described in Section 2., Price, above.8. Limitation of LiabilityIn no event shall Seller be liable for any special, indirect, incidental or consequential damages arising out of or connected with this Agreement or the Goods, regardless of whether a claim is based on contract, tort, strict liability or otherwise, nor shall Buyer's damages exceed the amount of the purchase price of the Goods. This clause shall be broadly interpreted in favor of the Seller.9. Taxes.Buyer shall pay or reimburse Seller as appropriate for any sales, use, excise or other tax imposed or levied with respect to the payment of the purchase price for the Goods or the conveyance of title in the Goods to Buyer by any recognized government authority, whether at the local, state, or federal level. In no event shall Buyer be responsible for any tax imposed upon Seller based upon Seller's income or for the privilege of doing business.I0. Notices.Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party by personal delivery or recognized over night delivery services such as FedEx.If to Seller: _____________________________________________________________.If to Buyer: ____________________________________________________________.11. No Waiver.The waiver or failure of either party to exercise in any respect any right provided in this agreement shall not be deemed a waiver of any other right or remedy to which the party may be entitled.12. Entirety of Agreement.The terms and conditions set forth herein constitute the entire agreement between the parties and supersede any communications or previous agreements with respect to the subject matter of this Agreement. There are no written or oral understandings directly or indirectly related to this Agreement that are not set forth herein. No change can be made to this Agreement other than in writing and signed by both parties.13. Governing Law.This Agreement shall be construed and enforced according to the laws of the State of ____________________ and any dispute under this Agreement must be brought in this venue and no other.14. Headings in this AgreementThe headings in this Agreement are for convenience only, confirm no rights or obligations in either party, and do not alter any terms of this Agreement.15. Severability.If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.In Witness whereof, the parties have executed this Agreement as of the date first written above._________________________ _______________________Buyer Seller_______________DateSale of Goods AgreementReview ListThis review list is provided to inform you about the document in question and assist you in its preparation.1. This agreement should be used only with tangible personal property. "Personal property" includes items such as furniture, supplies and other "goods". It does not include real estate or intangible property (e.g., copyrights, software and other intellectual property). This Agreement is not intended for regular inventory purchases. This kind of agreement is generally used for the occasional purchase of property such as desks, chairs, used computer equipment, and other such equipment.2. Clearly this form may not be appropriate for complex, technical, or perishable items that often require more specification, especially as to expected performance.3. From a negotiation standpoint, with occasional purchases, both parties are better off to pay upon delivery or shipment. Otherwise, controversy can linger and eat up a substantial amount of time, energy, and money.4. Print two copies of the Agreement for the Sale of Goods, one for each party. Both parties should sign each copy so that each can have an original copy.
What is the force acting perpendicular to a certain serface area?
Normal Force
