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LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
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We have a Default Clause in a time share purchase agreement.

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We have a Default Clause in a time share purchase agreement. We are the buyers and have put earnest money down but do not want to move forward with the purchase because a time share that we already own was to be sold and that money used to complete the purchase of the other one. Does the Default clause allow us to cancel the purchase? Thanks,
JA: Have you thoroughly reviewed the contract?
Customer: We have but we are not lawyers and do not know if we can default or cancel or what we can do at this point?
JA: Has any paperwork been filed?
Customer: No. Just a Buyer's Agreement to the Sellers.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No, just how can we get out of this purchase at this point and are we liable?

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

What does the clause say? Also, was the sale of the other timeshare a condition of you buying this one?

LegalKnowledge and 2 other Legal Specialists are ready to help you
Customer: replied 1 month ago.
Default: Upon the failure of purchaser to comply with the terms hereof within the stipulated time, and after receipt of notice of said default with a ten (10) day right to cure, it is understood and agreed by and between the parties hereto that the seller may at its option because of the difficulty in ascertaining actual resulting damages, retain the earnest money deposit as liquidated and agreed damages which deposit is to be divided between seller and broker as agreed upon in the listing agreement.It was a verbal agreement between us and the broker that we could not close on the purchase until the other one sold. He now says we cannot delay the closing and have to proceed or the sellers will be suing both the broker firm and us.

Thank you