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Another great answer, thanks. I think I understand. So, I should disclose that I am a broker and not representing the seller in an agency relationship, but also, I can not have the option to cancel the contract if I can not find the buyer because that would equate to an exclusive listing agreement and I would be performing the functions of a broker.
Would it be ok if I were to set a closing date in the contract and if I do not close on the contract the seller would be entitled to retain an earnest money deposit provided to the seller upon execution of the contract? I am assuming that I would have a clause in the contract containing some language to the effect of "If the buyer or the buyer's assignee fail to close this transaction the seller's sole recourse is retention of the earnest money deposit of ____ which was provided to the seller upon the execution of this contract.". The way I see it is I (or the assignee) have not cancelled the contract but defaulted, and provided in the contract that the sole recourse is the seller keeps the deposit.
What do you think?