A buyer was "approved" for a loan and left a check as a deposit, placed in escrow. Then the buyer had to do a lot of work, removing out buildings, tearing down things, etc. to meet the buyer's loan qualification, SO an addendum stating that, due to the amount of work buyer was requiring seller to do and the cost of that work, etc, that the check now became "NON-refundable". Further, it says that if the buyer defaults, the deposit will be deemed liquidated damages to the seller. So, my question is, IF the day before close of escrow, there was found to be a mistake with the lender and buyer is now trying to find another lender.IF the buyer is unable and the seller has already done all this work originally required by the buyer, would the seller get the buyer's "non-refundable" check?
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concult a realestee attorney
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