(Sellers) hereby release in full the funds being held by (Title company) that is part of the Temporary Occupancy Agreement for the real estate transaction for the property located at (address) to (Buyers).In Consideration of a Full and Final Settlement:
A sale of residential property included 45-days long stay after closing under Temporary Occupancy Agreement. It required a two weeks’ notice if Seller wants to move out earlier and a Final Walkthrough on the day before the end of possession. Bothterms have been breached.
Consecutively, Seller authored and Buyer counter-signed a dated Mutual Release of Claims under which Buyer got the Temporary Occupancy security deposit (1/800 of the purchase price).
(Sellers) hereby release in full the funds being held by (Title company) that is part of the Temporary OccupancyIn Consideration of a Full and Final Settlement:
Agreement for the real estate transaction for the property located at (address) to (Buyers).this agreement is not deemed to be an admission of liability on the part of either party. <<
To the extent permitted by applicable law, each party releases the other party from any and all liability, damage, loss, cost, or expense incurred by the releasing party relating to the purchase and sale of (address). It is agreed that the signing of
Should this be understood as covering just the breach of Temporary Occupancy Agreement and expenses “incurred? (that is up to the date of Release)? Or would it bar Buyer from any claims on the post-Release expenses to fix the defects predating theclosing but marked as problem-free by Seller in Property Condition Disclosure? Seller responded via email that waving Home Inspection made Buyer ineligible to bring forward any claims based on Property Condition Disclosure.
In misc.legal.moderated, on Thu, 6 Oct 2022 09:59:45 -0700 (PDT),
"Leonard S." wrote:
this agreement is not deemed to be an admission of liability on the part of either party. <<So the Title company is off the hook. They released the money to the(Sellers) hereby release in full the funds being held by (Title company) that is part of the Temporary OccupancyIn Consideration of a Full and Final Settlement:
buyer according to the Mutual Release of Claaim.
Agreement for the real estate transaction for the property located at (address) to (Buyers).
To the extent permitted by applicable law, each party releases the other party from any and all liability, damage, loss, cost, or expense incurred by the releasing party relating to the purchase and sale of (address). It is agreed that the signing of
So this is the problem. Why does it say the buyer is releasing thethe closing but marked as problem-free by Seller in Property Condition Disclosure? Seller responded via email that waving Home Inspection made Buyer ineligible to bring forward any claims based on Property Condition Disclosure.
seller before the planned walkthrough, which never happened? I thought deposits were released after walkthoughs, becaus otherwise, what is the
point of a walkthough?
It was a combination of damage/removal of the attached, and there could be no walkthrough after Seller was gone, and Buyer was in. The exact inventory was not completed by the time both sides decided $1k forfeited is a reasonable shortcut.<<<
IANAL but it seems the buyer gets to keep his 1/800 no matter how much
damage there is to the house. Is it more than the depost. If the
house is 240,000, 1/800 is 3000. If iit's a million it's 12,000. It's
easly to leave 12,000 dollars of damage behind, but he has the 12,000.
How much greater are the dmages than 12,000?
Correcting the math: the sale price was $800k, and the deposit was $1k. <<<
Should this be understood as covering just the breach of Temporary Occupancy Agreement and expenses “incurred�€? (that is up to the date of Release)? Or would it bar Buyer from any claims on the post-Release expenses to fix the defects predating
When did the buyer waive the home inspection? This sounds like anis interpreted by Buyer's as applicable just to settling the Temporary Occupancy issues.
illusory defense. If this is all he's got, the buyer may be in good
shape for a lawsuit after all.
To win the bidding war, Buyer waived the home inspection, along with allowing a long after-closing stay with a small deposit. Effectively, they relied only on the Property Disclosure and the walkthroughs. Their settlement agreement I quoted verbatim
--
I think you can tell, but just to be sure:
I am not a lawyer.
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