Is the seller entitled to keep the earnest money on late payment of the option period extension fees?
I entered a contract to purchase a home about a week ago in Texas and after inspection, we sought an extension of the option period through 12/28. The extension was signed and approved by both parties on 12/23.
However, I was not made aware that an additional fee (for the extension) must be paid on the same day, otherwise the extension wouldn't be enforceable. My agent mistakenly assumed we had three business days to pay the $10 additional fee - which I did on the third day (the 27th).
Unfortunately, I decided to back out of the contract to buy the home yesterday (27th) for various reasons, since I believed my option period was extended till the 28th. But now the seller's agent is claiming that because the additional options fee was not paid on the same day as the extension was signed, the extension is un-enforceable and therefore the seller will not agree to release the earnest money since we are out of the original options period (till 25th). I was not given any prior notice regarding the extension being void whatsoever.
So essentially I'm on the verge of losing a large amount of earnest money because the seller received $10 two days too late. Any suggestions / advice on this matter is highly appreciated. Thanks.
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source https://www.reddit.com/r/RealEstate/comments/rqh9rr/is_the_seller_entitled_to_keep_the_earnest_money/
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