been in construction for 30 years and only once did I see LD's get enacted by a client. Its mostly unprovable in court as to why any project was late and a huge waste of time to prove in a court.
I won a civil case against the town of Winnsboro and the town manager in the amount of $7580.00. It was won by default judgement and was liquidated by the judge. They are now saying that it was a mistake and that they are not going to give me the transcripts in which I need in order to file with the clerk of court. This is illegal. Can you please assist me and tell me what I need to do now? I would greatly appreciate it.
Hey, Billy. I'm sorry for the situation you are going through. This is completely out of our field and I can't advise you on what to do next. Wishing you nothing but the best.
Does breach of contract include the contingencies? If the lender declines the loan, is it a breach of contract? Or does that contingency clause differ?
Thanks for watching, Hanna Bagh! When a buyer submits an offer on a property, there are several contingencies that are typically in place on the RPA (residential purchase agreement-offer) to protect the buyer. One of those is the loan contingency (the buyer having the ability to acquire a home loan). Due to this contingency, there is no breach of contract as long as the buyer stays within the contingency period (safety net). The beauty of contingencies! However, if the lender declines the loan after the buyer removed the loan contingency (the buyer's safety net), then there may be an issue. We have a great vlog on contingencies that might help you understand it a little better. Good luck!
I like this question! Thanks for asking it. "Specific Performance" has a similar idea to liquidated damages because "SP" requires a solution from the one who breached the contract. Specific Performances requires (literally) a specified action by the person who breached the contract. Instead of money compensation for damages done to property, the contract breacher must perform a specified action. What that action is depends on the contract. Hope this clears things up-we just might make a video out of this sometime soon! Please let me know if you have any other questions!
Thank YOU for watching, Robby! If you liked this video, be sure to share it with a friend or colleague - someone who you know would like it. The more people who watch our content the more helpful videos we can make!
For a” liquidated damages” clause to be binding upon the parties in the RPA, when only one party initials it: A- the contract is still valid, if witnessed by a notary public. B- the mediation clause kicks in. C- none of these answers are correct. D- a counter offer is required until buyer and seller agree. .... IM SO damn stuck .. .... i thought it was A .. but it got it wrong ....
The answer is "D." Because the question states the contract is binding but asks how it became binding. So, the buyer and seller must both agree to and sign the RPA. That means, the buyer and seller will negotiate until the both parties agree, which is "D." Something that could also help eliminate a few of these answers is understanding what can void a contract. Here's a video that can give you some added information on contracts: ua-cam.com/video/Ti7WGw95ByE/v-deo.html
Thanks for "painting a picture". I'm a new agent here and am currently working with buyers that are having questions about this clause on the purchase agreement. I feel like I can explain it to them better now. Thanks! :)
Hi, Amanda! We love hearing stories like this. Thank you so much for watching-don't forget to share our channel with colleagues or someone you think would like it. That's how we continue to grow and produce videos like this. Thanks again!
Hi, Anees! Thank you for watching! We're so happy this video helped you with your studies-that's always our goal and hearing your experience puts a smile on our face. Be sure to subscribe to the channel and hit the bell icon to be notified when we release new, helpful videos like this one. Thanks again!
Not at the moment - sorry! But I am flattered. (: If you have any questions, ask them here and I can always help answer them. I can also do a specific video on a topic if you have an idea.
Hi, Handan! Thanks for watching and commenting. We're happy you enjoyed the video. If you have a moment, please like this video, subscribe to our channel, and hit the bell icon. That's the best way to get notified when we release a new video. Doing so also helps us grow as a channel so we can continue making helpful videos like the one you just watched. Thanks again for watching and we hope to hear from you again!
been in construction for 30 years and only once did I see LD's get enacted by a client. Its mostly unprovable in court as to why any project was late and a huge waste of time to prove in a court.
What happens if the seller backs out? Is that considered liquidated damage?
Nope.
I won a civil case against the town of Winnsboro and the town manager in the amount of $7580.00. It was won by default judgement and was liquidated by the judge. They are now saying that it was a mistake and that they are not going to give me the transcripts in which I need in order to file with the clerk of court. This is illegal. Can you please assist me and tell me what I need to do now? I would greatly appreciate it.
Hey, Billy. I'm sorry for the situation you are going through. This is completely out of our field and I can't advise you on what to do next. Wishing you nothing but the best.
Does breach of contract include the contingencies? If the lender declines the loan, is it a breach of contract? Or does that contingency clause differ?
Thanks for watching, Hanna Bagh! When a buyer submits an offer on a property, there are several contingencies that are typically in place on the RPA (residential purchase agreement-offer) to protect the buyer. One of those is the loan contingency (the buyer having the ability to acquire a home loan). Due to this contingency, there is no breach of contract as long as the buyer stays within the contingency period (safety net). The beauty of contingencies! However, if the lender declines the loan after the buyer removed the loan contingency (the buyer's safety net), then there may be an issue. We have a great vlog on contingencies that might help you understand it a little better. Good luck!
Wonderfully explained. That was perfect. I was just doing a practice exam and couldn’t quite understand the vocab term and this explained it perfectly
Glad this video helped ya out. Again, thanks for watching!
Ok my question is about "Specific Performance" is that when liquidates damages doesn't work out?
I like this question! Thanks for asking it. "Specific Performance" has a similar idea to liquidated damages because "SP" requires a solution from the one who breached the contract. Specific Performances requires (literally) a specified action by the person who breached the contract. Instead of money compensation for damages done to property, the contract breacher must perform a specified action. What that action is depends on the contract. Hope this clears things up-we just might make a video out of this sometime soon! Please let me know if you have any other questions!
thank you! helped me with my business law class :)
Glad it helped! Thanks for watching!
Great Video, thank you for the knowledge
Thank YOU for watching, Robby! If you liked this video, be sure to share it with a friend or colleague - someone who you know would like it. The more people who watch our content the more helpful videos we can make!
this guy is awesome at teaching we need more content
I publish every week! What would you like me to cover next?
Concept very well explained and demonstrated. Thank You
Thank you for watching! Be sure to share this video with a friend or colleague if you think they'll like it!
Nope
Studying for the Colorado RE exam and this really helped. Thx brah
Thanks for watching, Marc! We love it when students get some educational benefit from our videos.
Hey man hows it goin?? Update?? Im currently doing mine in Texas
For a” liquidated damages” clause to be binding upon the parties in the RPA, when only one party initials it:
A- the contract is still valid, if witnessed by a notary public.
B- the mediation clause kicks in.
C- none of these answers are correct.
D- a counter offer is required until buyer and seller agree.
.... IM SO damn stuck .. .... i thought it was A .. but it got it wrong ....
The answer is "D." Because the question states the contract is binding but asks how it became binding. So, the buyer and seller must both agree to and sign the RPA. That means, the buyer and seller will negotiate until the both parties agree, which is "D."
Something that could also help eliminate a few of these answers is understanding what can void a contract. Here's a video that can give you some added information on contracts: ua-cam.com/video/Ti7WGw95ByE/v-deo.html
There has to be meeting of the minds. AKA offer and acceptance. I thought D but started down the rabbit hole of "what ifs!"
I need to remember RULES!!
Thanks for "painting a picture". I'm a new agent here and am currently working with buyers that are having questions about this clause on the purchase agreement. I feel like I can explain it to them better now. Thanks! :)
Hi, Amanda! We love hearing stories like this. Thank you so much for watching-don't forget to share our channel with colleagues or someone you think would like it. That's how we continue to grow and produce videos like this. Thanks again!
Very helpful video for my studies ! Thankyou so much :)
Hi, Anees! Thank you for watching! We're so happy this video helped you with your studies-that's always our goal and hearing your experience puts a smile on our face. Be sure to subscribe to the channel and hit the bell icon to be notified when we release new, helpful videos like this one. Thanks again!
Hi, I am new to realestate and am wondering, what is your job as the buyer's salesperson during this process of arbitration?
You need to be my mentor, are you hiring ?!
Not at the moment - sorry! But I am flattered. (:
If you have any questions, ask them here and I can always help answer them. I can also do a specific video on a topic if you have an idea.
thank you sir
Most welcome. Thanks for watching.
Excellently explained! Thanks for this info!
Glad it was helpful! Thanks for watching!
I love it...thanks!
Thanks for watching, Mike!
Thanks a lot
Thanks for watching the video!
Perfect explanation.
Hi, Handan! Thanks for watching and commenting. We're happy you enjoyed the video. If you have a moment, please like this video, subscribe to our channel, and hit the bell icon. That's the best way to get notified when we release a new video. Doing so also helps us grow as a channel so we can continue making helpful videos like the one you just watched. Thanks again for watching and we hope to hear from you again!
Rico. You are absolutely the best. ❤❤I wish I could work with you😁😁😁
That means so much to me, Veronica! I'm so happy you enjoy the videos! It's great to hear from you!
✅ 🎓💯Make studying for the real estate exam EASY: bit.ly/46L59T9