I am selling my apartment building, the contract reads as follows:
2) The Buyer will deposit an additional $100,000 into the escrow account which will immediately be considered earned by the Seller and non-refundable to the Buyer; however the $100,000 will NOT be released from the escrow account until the closing date assuming that the Buyer is not in default.
4) The Buyer will contribute $7,000 per month, or $233 per day, to the Seller until the Close of Escrow. This fee will be paid at the beginning of each month and passed through to the Seller through the Title Company.
18) In the event of default by buyer, seller retains the deposit as liquidated damages ..
The buyer has not deposited the $7,000 as of May 9, 2008.
(Q1) When is the beginning of the month over?
(Q2) If seller dose not pay me the 7,000 is he in default?
(Q3) Is escrow supposed to release the 100K now?