Real Estate/Development
Mar. 14, 2002
Parties Must Create Genuine Option Contract to Avoid Damages Limit
Focus Column - By David M. Grey - The limitation on liquidated damages in the California Association of Realtor's form "Residential Purchase Agreement" (and "Receipt for Deposit") cannot be circumvented by labeling the deposit as "nonrefundable purchase option monies" according to the recent case of Allen v. Smith, 94 Cal.App.4th 1270 (2002).
Focus Column
By David M. Grey
The limitation on liquidated damages in the California Association of Realtor's form "Residential Purchase Agreement" (and "Receipt for Deposit") cannot be circumvented by labeling the deposit as "nonrefundable purchas...
By David M. Grey
The limitation on liquidated damages in the California Association of Realtor's form "Residential Purchase Agreement" (and "Receipt for Deposit") cannot be circumvented by labeling the deposit as "nonrefundable purchas...
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