Skip to main content

Earnest Money returnable until closing?

I have lived in several states with varying processes. Where I currently am, attorneys are not part of real estate transactions. Agents communicate legalese which has become complex (and uncomfortable) as their interpretation seems to vary, it seems, based on their sales strategy.
My house received an offer which has several contingencies, one of which is the return of their earnest money should the sale of their own house not go through up until the agreed closing date. Past history as both a buyer and seller, has reflected the buyer forgoing earnest money in such a case, but the legal and reasonable understanding that difficulty financing, or the inability of the buyer to sell their home, would ultimately void the contract entirely.

Is the return of earnest money a standard contingency should, whatever reason, whatever date up until closing, their own home sale not go through?

submitted by /u/Dirk__McGirk
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1bmea0n/earnest_money_returnable_until_closing/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more