My parents are buying a house in Arizona, but first they have to sell their property in California. Since it might take up to a few months for their property to sell, by which time the price of the property they are trying to acquire might increase, my parents signed a purchase contract and gave a $10,000 earnest deposit in order to 'lock' the price of the new property. Now, if someone comes in and decides they want to buy the property at Arizona, then we'd get 48 hrs to decide whether to complete the purchase of the property or let it go. If we decide not to purchase the property at that time, then we'd get the earnest deposit back. My question is, if we decide to cancel the purchase, would we get that earnest deposit back? By the way it was signed last Saturday.
2006-07-25
14:37:32
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4 answers
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asked by
Jose M
1
in
Renting & Real Estate