I made an offer on a park. The seller’s lawyer added this to the contract…
“Maintenance and Repairs: During the term of this agreement Buyers shall be solely
responsible for the maintenance and repair of the premises and agree to maintain the
premises in at least as good a condition as at the commencement of this agreement, normal
wear and tear excepted. The failure of Buyers to maintain the premises in good repair shall
constitute a default under the terms of this agreement.”
I am not comfortable with this. In my opinion, the seller should be responsible for the maintenance and repairs of the premises until closing. What’s more, the seller’s lawyer also added a default clause saying that if I do not cure a default then…
“all sums previously paid by Buyers under the terms of this agreement as well as any repairs or improvements made by Buyers shall be considered as rent and liquidated damages and shall be retained by Sellers and not recoverable by the Buyers.”
So if I do not cure a “default” then I will lose my earnest money deposit.
I am not comfortable with these additions to the contract. Would you sign a contract with this verbiage? Thanks.