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We operate our business by thoroughly researching and accurately pricing the items to be liquidated prior to the date of the sale.
This procedure is a monetary safeguard which minimizes the risk of selling items at far below the market value.
Whether the liquidated damages clause is enforceable where all parties to the contract do not initial the provision will be determined by a court of law. However, a liquidated damages clause is merely an approximate measure of damages that a seller may be entitled to due to a buyer’s breach.
Notably, the California Association of Realtor purchase contracts require initialing the liquidated damages clause if a party intends to be bound by this provision. This approximation could differ significantly from the actual monetary damages incurred by the seller.
In the absence of language stating that parties must initial the liquidated damages clause, for the clause to be enforceable, the California Court of Appeals held that where the clause was not initialed, the clause was enforceable or voidable at the buyer’s option. Therefore, both parties to the contract should carefully consider whether a liquidated damages clause is most beneficial.
It is worth noting that a buyer does not always forfeit its deposit if the transaction does not close escrow.
If you are a legal representative, a private individual or a bank trustee, Marcia A.
Zarembka provides you with a reliable, low risk, profitable avenue for dispersal of personal property.
A liquidated damages clause must satisfy certain legal requirements to be presumptively valid. Moreover, if no liquidated damages clause is contained in the purchase agreement, a seller must prove the amount of the financial loss rather than the pre-negotiated amount and a wrongful breach.If a buyer breaches the contract and fails to agree to a release of escrow funds to the seller, the buyer must have a valid good faith reason, or the buyer can be liable for damages, costs and penalties to the seller.When you hire an estate sale company, there will be a fee to setup, organize, market, and sell the entire contents of a home.We're here to help you make an informed decision when it comes to liquidating an Estate.Our business specializes in estate liquidation sales.