Stayover seller pays security deposit?
I'm hearing about this for the first time and I'm wondering if it was invented by my buyer specifically for me.
The contract says the perdiem stayover rate is actually "liquidated damages".
Have you ever heard of stayover seller depositing security for buyer (or having proceeds withheld and labeled "security deposit")? I am providing a home warranty to seller and the stayover period is about 25 days.
I'm thinking I'd never see that money. Any nailhole or scratch on the floor that they hadn't noticed before would be reason to keep it.
I'm in Michigan. Is it typical for other proceeds of sale to be withheld for some amount of time by the title or mortgage company?