2006-06-10 05:45:51 · 3 answers · asked by eggy 1 in Business & Finance ➔ Renting & Real Estate
Depends on the contract and the laws in the state where this is taking place - by definition - Earnest Money represents that the buyer is "earnest" in pursuing this purchase so if he backs out for no reason covered by the contract the seller keeps the earnest money - however, if the seller fails to meet some contractual obligation and that is the reason the buyer is walking then he should be entitled to the earnest money being returned - however, possession being nine tenths of the law here it depends on how much money we are talking as to whether it would be worth pursueing in court - lots of variables here and with no more info to go on this is a basic answer - it would be helpful to know if this is a mobile home on land or just the moble home cuz that fact would change the rules completely - Good luck and God Bless
2006-06-10 05:54:51 · answer #1 · answered by Rosie 3 · 1⤊ 0⤋
You back out, you lose it all! If the seller backs out, the seller returns tha entire amount. If the person buys the home, then it is used as a down payment towards it.
2006-06-10 12:49:42 · answer #2 · answered by mrsdebra1966 7 · 0⤊ 0⤋
If you back out you don't get any of your money back
2006-06-10 12:59:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋