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  1. #1
    Join Date
    Mar 2008
    Posts
    74

    Hmm 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?

  2. #2
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,875
    Quote Originally Posted by heater99 View Post
    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?

    Dude...I have no idea what you are talking about but I will give you a few of the standard answers:

    1) No DIY here...call a pro
    2) Your install is only as good as your installer
    3) Always set your air flow first and then check your superheat and subcool
    4) T.E.V. and T.X.V. are different abreviations for the same thing
    5) The little green dot next to your name means you are online...no green = not online
    6) Obtaining professional membership can take up to 3 weeks....give it some time
    7) No Twilli does not live in a cage although many of us think he should
    8) NEVER go with the lowest bid
    9) You CANNOT measure static pressure by rubbing a balloon on your head

    Hope these help
    I need a new signature.....

  3. #3
    Join Date
    Jul 2001
    Location
    VA
    Posts
    2,801
    That is worded horribly.

    Those things have to be worded gnats ass.

    You need an attourny, not us.... buckle up for the ride.
    ___________________________________________


  4. #4
    Join Date
    Jan 2004
    Location
    Lancaster PA
    Posts
    67,874
    Bad wording.
    Not enough description. Should have had hard dates writen in.

    Now you'll need a lawyer.
    Contractor locator map

    How-to-apply-for-Professional

    How many times must one fix something before it is fixed?

  5. #5
    Join Date
    Feb 2005
    Location
    Barrie, Ontario
    Posts
    4,622
    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.

    CYA.
    Is this a Fabreze moment? C.Y.D. I'm voting white elephant. 2’.
    My competition are my best salespeople!

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