Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
1. If Not a Cash Transaction. If I do not complete this purchase as a cash transaction, either on or before the time of delivery of the unit purchased, I will enter into a retail installment contract and sign a security agreement or other agreement as may be required to finance my purchase.
6. Failure to Complete Purchase. If I fail or refuse to complete this purchase within thirty (30) day of the date of this contract or within an agreed upon extension of time, for any reason (other than cancellation because of an increase in price), you may keep that portion of my cash deposit which will reimburse you for expenses and other losses including attorney fees and court costs incurred, because I failed to complete this purchase. If my deposit is insufficient to reimburse you all expenses you have incurred, are legally obligated to incur, or incur in an effort to mitigate your loss, then I agree that I owe you all such sums because I failed to complete this purchase. You shall have all the rights of a seller upon breach of contract permitted under any provision of Louisiana, Arkansas, or Texas law and in the event that you file a legal action against me to recover any such sums, then I shall also owe you legal interest on the amount I owe you under this contract, and you shall also be entitled to recover your reasonable attorney fees and court costs. In the event I have granted you a mortgage, deed of trust, or other security agreement against any land and other property I may own, such mortgage, deed of trust, or other security agreement shall secure all sums owed by me to you as set forth in this paragraph or as set forth elsewhere in this contract.
Yes, it was understood that they were responsible for obtaining the financing/ finding the lender for me.
That is the only clause in the entire contract about financing.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).