Just signed a standard "CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT
AND JOINT ESCROW INSTRUCTIONS" and find out the following paragraph:
"(1) Seller right to Cancel; Buyer Contingencies: If, by the time specified
in this Agreement, Buyer does not Deliver to Seller a removal of
theapplicable contingency or cancellation of this Agreement then Seller,
after first Delivering to Buyer a Notice to Buyer to Perform (C.A.R. Form
NBP) may cancel this Agreement. In such event, Seller shall authorize return
of Buyer's deposit."
Can anyone tell me what does the sentence "In such event, Seller shall
authorize return of Buyer's deposit." mean?
Thanks a lot!