I'm looking to purchase a home from a relocation company and had a specific concern regarding one clause in the rider agreement. I understand no responses here constitute legal advice or replace an attorney, I'm just hoping someone with more experience in this situation can shed some light.
The clause reads:
Buyer acknowledges that this sale is a corporate relocation transaction and that Seller's ability to transfer title is contingent upon Seller's ability to acquire contractual ownership of the property through a contract with the individual being relocated upon terms satisfactory to that individual and Seller on or before the closing date. If Seller does not acquire ownership, authority and/or obtain marketable title on or before the closing date, the Agreement may be deemed null and void at the option of either party. In that event, the earnest money or Buyer's deposit will be refunded to Buyer as Buyer's sole and exclusive remedy and Seller will be released from further liability.
Am I wrong in reading this as extremely favorable to seller in that they can essentially walk away at any point after an agreement is reached and all I am entitled to is my deposit? Obviously if they did this at closing, I would have incurred quite a few direct costs that would not be reimbursed, not to mention the wasted time and indirect costs of moving money around and having it tied up in anticipation of purchasing the home.
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source https://www.reddit.com/r/RealEstate/comments/eh0ff2/purchasing_home_from_relocation_company_question/
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