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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53963
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I am a buyer, about to submit an offer. the owners are being

Customer Question

I am a buyer, about to submit an offer. the owners are being relocated and I 'required' to sign an addendum to the sale agreement that has been provided by CARTUS. the first paragraph states ".. this addendum supercedes any clauses or statements in the sale agreement between the seller and buyer".
additionally, there's language that forfeits the deposit if we terminate for any reason.
there's more language that basically absolves the owner and CARTUS from any cost, liability, absolves them from errors in any disclosure reports, etc.
seems this is a bad idea to sign. thoughts/comments?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Richard replied 5 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 5 months ago.

Jim....this is not something you should sign. First, you should only forfeit the deposit if you are the one that defaults. There could be any number of reasons that you don't close not due to your fault, but due to seller's fault...e.g., title defect, simple failure to close timely, unacceptable exceptions to title, change in condition of the property. If the deal doesn't close through no fault of your own, then there is no way your earnest money should be lost. Second, the entire legal reason for the seller disclosure required by law is to require the seller to disclose anything material the seller knows or should know that a reasonable buyer would consider material in making the decision to buy a house. The proposed addendum completely absolves the seller for any failure to disclose. Bot***** *****ne: this addendum is simply unacceptable.

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