2006-09-26 06:49:08 · 3 answers · asked by CCS 2 in Business & Finance ➔ Renting & Real Estate
Depends on how good a lawyer the seller has. If you have attempted to change the terms of the already agreed on purchase agreement, you would probably not be entitled to a refund of your earnest money unless the change had something to do with your ability to obtain financing. (Assuming that was a condition of the purchase agreement in the first place.) A buyer cannot simply offer an amendment after the fact in order to have grounds to cancel the purchase agreement and get a refund of earnest money. Neither can the seller change his mind and offer an amendment to you in order to terminate your agreement.
2006-09-26 06:59:28 · answer #1 · answered by larry r 3 · 0⤊ 0⤋
If you had an agreed contract and tried to change it after the terms were agreed upon, then you are not entitled to your earnest money if you do not follow through with the original terms. In fact, the seller could sue for specific performance and force the sale to go through as agreed. Most likely they'd just retain your earnest money as liquidated damages and look for another buyer but the final decision is in their hands.
2006-09-26 15:11:10 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If no document exists that both parties substantially agreed to, then there is no contract and you should get your earnest money back.
2006-09-26 13:54:34 · answer #3 · answered by Brand X 6 · 0⤊ 0⤋