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What else can I help you with?
Is money lending a valid contract?
It depends on the contract If you are borrowing from a bank or other valid institution I will guaranty the contract will be valid and enforceable. If you are borrowing from your local loan shark, the "contract" may not be valid, but do you want to take the chance?
How may a seller keep the buyers earnest money as liquidated damages?
A seller can retain a buyer's earnest money as liquidated damages by clearly stating this provision in the purchase agreement. The contract should specify the circumstances under which the earnest money is forfeited, typically if the buyer fails to fulfill their obligations, such as not closing on the property without a valid reason. It's essential that the amount of earnest money is reasonable and reflects a genuine pre-estimate of potential damages to avoid legal disputes. Additionally, both parties should sign the agreement, ensuring mutual understanding and acceptance of these terms.
Can you explain how earnest money works in a real estate transaction?
Earnest money is a deposit made by a buyer to show their serious intention to purchase a property. It is typically held in an escrow account until the sale is finalized. If the buyer backs out without a valid reason, they may forfeit the earnest money to the seller. If the sale goes through, the earnest money is usually applied towards the down payment or closing costs.
What is valid contarct?
A valid contract is an agreement enforceable by law. A Valid Contract is defined under Sec 2(h) of the Indian Contract Act, of 1872. To know the essential features of forming a valid contract, please refer to Desire 4 Legal Knowledge
Can you explain what an earnest money deposit is in real estate transactions?
An earnest money deposit is a sum of money that a buyer puts down to show their serious intention to purchase a property. It is held in escrow until the sale is finalized, at which point it is typically applied towards the purchase price. If the buyer backs out of the deal without a valid reason, they may forfeit the earnest money deposit to the seller.
Why is earnest money important in a real estate transaction?
Earnest money is important in a real estate transaction because it shows the buyer's commitment to purchasing the property. It also provides a level of security for the seller in case the buyer backs out of the deal without a valid reason.
Can you cancel a contract that you signed in Edmonton Alberta?
You can always cancel a contract regardless of where you signed it, provided you are willing to pay the resulting damages for cancellation without a valid reason.
What are the examples of essentialia of a contract?
valid contract
If an item line of a contract is changed and not initialed by both party's is it still a valid contract?
No. It is no longer valid.
How can misrepresentation affect a valid contract?
When someone is induced into entering into a contract as a result of a false statement.
What are the requirements for a valid contract?
For a contract to be valid, it must include an offer, acceptance, consideration, legal capacity, and legal purpose.
If the signatories to a contract change is the original contract still valid?
The contract technically isn't valid if the name has changed. You should resign a contract if you would like to continue the business relationship.
