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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/
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