I was the winning bidder on a home through an auction and the contract which I signed has an inconsistency.
Due to my circumstances changing I am considering walking away from the deal, but want to figure out my liability.
One the first page of the contract at the top it states
"See attached addendum C Terms & Conditions of Sale" BUT right under that in the General Terms & Conditions section there is a sentence that states:
"If payment of the balance of the purchase price does not take place within the specified period the deposit will be forfeited and the property will be resold at the risk and expense of the defaulting purchaser"
YET IN ADDENDUM C UNDER THE DEFAULT SECTION it says
"In the event the purchaser fails to close on or before the closing date, the Deposit may be retained by the Sellers as liquidated damages. The Sellers are not required to accept any back-up bid nor are they obligated to negotiate with any back-up bidder."
Which one is correct?
If my loss is limited to just the deposit I will walk away, but I see inconsistency and ambiguous statements to what happens if I walk away.
Lost deposit + difference. Another place just lost deposit