[IN] What’s a typical figure for liquidated damages if the seller doesn’t deliver possession of a property by the agreed-upon date?
Hi, I was wondering about the cost and ETA to have a lawyer review my residential purchase agreement in Indiana. Regarding a specific clause, I was wondering about liquidated damages if the seller doesn’t deliver possession by the agreed-upon date. What is typically set for this amount?
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There is no "typical" amount set for liquidated damages in a residential purchase agreement — it depends entirely on the contract terms and what the parties agree to. For example, if there was a three-month closing date on a million-dollar property, a $50,000 liquidated damages clause might be reasonable. But $2,000 might be reasonable for a three-week closing date on a $100,000 property because it wasn’t off the market for very long. The seller can propose any dollar amount or percentage, and it’s up to the buyer to negotiate or accept it. State law directs that the amount must be reasonable (IN Code § 26-1-2-718). Can I help with any other questions about this situation?
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Hi, I was wondering about the cost and ETA to have a lawyer review my residential purchase agreement in Indiana.
Lexi, Chatbot
I understand you need assistance with reviewing a residential purchase agreement in Indiana. Have you already signed the agreement?
No.
Lexi, Chatbot
Are there any specific concerns or issues you would like the lawyer to pay special attention to when reviewing the agreement?
If we move forward, I’d like to ensure that all relevant points have been covered between the purchase agreement, or counteroffer, I’ve created, and the original purchase agreement submitted to me by the seller.
Lexi, Chatbot
Is there anything else the lawyer should know before I connect you? Rest assured they'll be able to help with your purchase agreement review.
I mainly need to get an idea of how long the process will take. Ideally, I need to complete it by tomorrow at the latest.
Barrister
Hello and welcome to the site! My name is Barrister, and I am a licensed attorney here to help. I know your question is important, but there may be a short delay as I work with several customers at once. Did you have specific questions about certain clauses in the purchase agreement, or are you looking for an overall contract review? An overall review is considered a premium service, and the site charges a fee based on the number of pages the document is.
Regarding a specific clause, I was wondering about liquidated damages if the seller doesn’t deliver possession by the agreed-upon date. What is typically set for this amount?
Barrister
There is no "typical" amount set for liquidated damages in a residential purchase agreement — it depends entirely on the contract terms and what the parties agree to. For example, if there was a three-month closing date on a million-dollar property, a $50,000 liquidated damages clause might be reasonable. But $2,000 might be reasonable for a three-week closing date on a $100,000 property because it wasn’t off the market for very long. The seller can propose any dollar amount or percentage, and it’s up to the buyer to negotiate or accept it. State law directs that the amount must be reasonable (IN Code § 26-1-2-718). Can I help with any other questions about this situation?
No.
Barrister
I hope I was able to clear up any questions you had. It was my pleasure to assist you. Have a great afternoon and stay safe!
Barrister
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