Common use of Construction Deposit Clause in Contracts

Construction Deposit. The Construction Deposit, if any, referenced herein shall be held and used by Seller to pay for the construction of the improvements on the Property and will not be kept in a trust / escrow account. Since the Construction Deposit will, in many cases, be used to either customize or upgrade the Property based upon Buyer’s selections, it shall be retained by Seller as partial liquidated damages (and not as a penalty) in the event Buyer fails to close on the purchase of the Property (except if the failure of Buyer to close is due to the Seller’s default). The total amount of the Construction Deposit shall be credited against the purchase price at closing. FOR TRAINING ONLY

Construction Deposit. The Construction Deposit, if any, referenced herein shall be held and used by Seller to pay for the construction of the improvements on the Property and will not be kept in a trust / escrow account. Since the Construction Deposit will, in many cases, be used to either customize or upgrade the Property based upon Buyer’s selections, it shall be retained by Seller as partial liquidated damages (and not as a penalty) in the event Buyer fails to close on the purchase of the Property (except if the failure of Buyer to close is due to the Seller’s default). The total amount of the Construction Deposit shall be credited against the purchase price at closing. FOR TRAINING ONLY.

Construction Deposit. The Construction Deposit, if any, referenced herein shall be held and used by Seller to pay for the construction of the improvements on the Property and will not be kept in a trust / escrow account. Since the Construction Deposit will, in many cases, be used to either customize or upgrade the Property based upon Buyer’s selections, it shall be retained by Seller as partial liquidated damages (and not as a penalty) in the event Buyer fails to close on the purchase of the Property Prope ty (except if the failure of Buyer to close is due to the Seller’s default). The total amount of the Construction Deposit shall be credited against the purchase price at closing. FOR TRAINING ONLY.