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Doreen Eubank is an Expert Realtor for the Metro Denver Colorado area, who can help you decide where to live. Because, Doreen understands finding your special place means taking in many factors that include accessibility to work, education and recreational activities. It also includes the size and style of your home, the style of the neighborhood that will make you feel more at home. All of these factors must come together to make your new Metro Denver Colorado home, feel like home.
Example of the Specific paragraph pertaining to the Buyer of a Home in default thereby losing their earnest money. This web site is not a replacement for proper legal counsel or the complete contract. Document No. CBS1-9-99, Page 5 of 6 Line 369-a., If Buyer is in Default: (1) Specific Performance. Seller may elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be forfeited and retained on behalf of Seller, and Seller may recover such damages as may be proper, or Seller may elect to treat this contract as being in full force and effect and Seller shall have the right to specific performance or damages, or both. (2) Liquidated Damages. All payments and things of value received hereunder shall be forfeited by Buyer and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and (except as provided in subsection c) are SELLER'S SOLE AND ONLY REMEDY for Buyer's failure to perform the obligations of this contract. Seller expressly waives the remedies of specific performance and additional damages. An example of a non-performance of this type of contract; A buyer of a home, after signing a contract to purchase the home from the seller, places a check for a certain amount (earnest money), to take the house off the market, while the buyer has the Mortgage Loan Application processed and approved. After a certain period of time, before the "closing" of the home in question, the buyer cannot receive the approval of the Mortgage Loan before the closing date, or simply cannot receive an approval for a Mortgage Loan. Thereby, the Seller of the home has the option to keep the earnest money check and cancel the contract or fully enforce the contract, or amend the contract. What a Buyer of a Home must do! The Buyer of a Home must be fully approved for a loan in the amount required to purchase the home in question, thereby being fully able to comply with the terms of the purchase agreement.
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