Hoytvectrix
5 year old buck +
For those that have purchased land directly from an individual and you put down earnest money, what were the terms for how the earnest money was to be used? I am asking because I am in the process of buying a property from an individual and he got a lawyer involved who drafted a purchase agreement. Within the agreement (that neither party has signed yet), is a statement that earnest money will be forfeited if the sale should fall through for any reason.
We are not planning on closing until March 2023 (per the Seller's request). That is a lot of time for things to change between now and then for what is essentially a non-refundable down-payment. Is this a typical clause any of you have seen before? I have read several example purchase agreements and this was not a part of the agreement. I know it is still flexible and we can probably re-write the agreement (and we likely will), I just want to know how typical something like this is.
Thanks.
We are not planning on closing until March 2023 (per the Seller's request). That is a lot of time for things to change between now and then for what is essentially a non-refundable down-payment. Is this a typical clause any of you have seen before? I have read several example purchase agreements and this was not a part of the agreement. I know it is still flexible and we can probably re-write the agreement (and we likely will), I just want to know how typical something like this is.
Thanks.