When is the beginning of the month over? (Lawyer question)
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?
Originally Posted by heater99
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Hope these help
I need a new signature.....
That is worded horribly.
Those things have to be worded gnats ass.
You need an attourny, not us.... buckle up for the ride.
Not enough description. Should have had hard dates writen in.
Now you'll need a lawyer.
2 & 18 are worded "alright" but #4 should have been written, "by the first day of each month" which would have assumed if the 1st fell on a Sunday, it had to be deposited by the Friday, not the Monday.
#2 actually give the seller the right to draw upon the escrow account before the closing date should the buyer not deposit the monthly $7,000.00 in timely fashion... but that now falls back on defining the "beginning of each month".
#18 merely states that if the buyer backs out, the seller keeps the deposit as cash.
Is this a Fabreze moment? C.Y.D. I'm voting white elephant. 2¢.