Real Estate Law
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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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