Can my buyers lose their earnest money if our offer is contingent their home selling first?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can my buyers lose their earnest money if our offer is contingent their home selling first?
We recently put in a offer for my buyer contingent their homes sales. In case my buyers home should not sale on the agreed closing date, what could possibly happen to their earnest check?
Asked on October 7, 2019 under Real Estate Law, Minnesota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If their offer is contingent on their home selling first and tbeir home does not sell, them as per that contingency, they can (if they choose; it is their choice) terminate the contract without penalty and get their deposit or earnest money back.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.