in california.
had to back out of a deal 5 months ago due to market downturn (the home just sold).
We are dealing with a new home developer, who has kept our (large)deposit (3% of purch).
They gave us the impression that we would receive the deposit back less any costs for options / upgrades they had purchased.
In short they are claiming financial loss due to the market slowdown (and keeping our deposit). I did not think liquidated damages can be classified? Do we have any case to argue that they caused their own problems by not acting on selling the house immediately after we backed out?
They claim that if the house sold for the same price as our offer we would have received our deposit back.
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06-07-2001, 12:16 AM
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