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Buyers Can't Perform |
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Edith,
In April of this year (2007) I sold my house contingent on the buyer's selling their house. I received $5000 in earnest money. The contract ended on August 1, 2007. We made an adendum to the contract to extend settlement to November 30, 2007. The buyers have informed me that they are not confident their house is going to sell by this date and should the house not sell they want to withdraw from buying our house. Am I entitled to the $5000 earnest deposit? Thank you... |
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I'm not a lawyer and I haven't seen your sales contract. My offhand layman's guess is that the buyers may be entitled to the return of their deposit. But the way to find out, and it's worth doing with that much money involved, is to take all the documents to a lawyer who can tell you where you stand. |
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Edith
Originally published on October 15, 2007 |
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