Commercial Sale Of Property Breach Of Fiduciary Duty Earnest Money Where a seller of real property claimed that a title company breached its fiduciary duty and the seller sought $100,000 in liquidated damages, the terms of the purchase agreement named the title company as escrow agent and expressly provided that $100,000 earnest money was placed in a trust account by the title company to constitute liquidated damages in the event the buyer backed out of the transaction, so the title company owed the seller a fiduciary duty to either deposit the money or obtain the seller's permission to alter the terms of the agreement, and its admitted failure to do so constituted a breach, so the trial court properly entered judgment for the seller since contrary instructions from the buyer constitut...
Q: I read your advice to a question someone posed about earnest money. I recently saw a house I intended to purchase and I deposited $2,000 as earnest money. However, the transaction did not materialize because the seller's house had been foreclosed at the time she was attempting to sell it. The seller went through court hearings in an attempt to regain the house, but the court ruled in favor of her financier or bank and therefore the foreclosure took precedent.
After months of delay, state lawmakers are off and running in the quest for re-election campaign cash. Washington legislators are covered by a freeze that prohibits fundraising for state office during regular and special sessions of the Legislature. It expired Wednesday.
CIVIL – breach of contract; purchase agreement; earnest money; non-refundable; rental agreement; liquidated damages; abuse of discretion; parties’ intent; unambiguous; enforceable; mitigation; affirmative defense; waived; damages; reconciled; evidence; additional rent; prorated; damages; reasonable certainty; attorney fees not recoverable as costs of the action, absent an explicit provision in the contract.
Sometimes a buyer or seller changes his mind during escrow. If your feet are chilling, be sure you know what circumstances will let you out of your contract, and which will cost you thousands of dollars. In California, an offer must be accompanied by a good-faith deposit (also called "earnest money"), which can legally be as low as $1, but is typically at least 1 to 3 percent of the offered purchase price. In a competitive market, buyers may make larger deposits.
ADMINISTRATIVE APPEAL; OHIO REAL ESTATE COMMISSION; EARNEST MONEY.
These practices were brought to our attention by consumers in several cities where this builder has sold properties," said Teresa Farfán, deputy press secretary of the Attorney General of Texas. "Many consumers filed complaints with our office against Casa Linda Homes for failing to disclose encumbrances on their properties, others for failure to refund their deposit or earnest money. Documents filed with the Cameron County District Court reveal that Casa Linda Homes did not disclose the liens when unsuspecting buyers entered into their money contracts. Paperwork in the district court also makes public that Casa Linda Homes failed to pay its debt, which resulted in creditors instituting foreclosure proceedings and filing lawsuits against home buyers. Casa Linda told prospective buyers...
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