Utah, UT asked in Real Estate Law for Utah

Q: The buyers backed out of purchasing my home 2 days before the closing date. Do i have to give their earnest money back?

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1 Lawyer Answer

Douglas J. Shumway

Answered
  • Salt Lake City, UT
  • Licensed in Utah

A: Whether or not you need to give the earnest money back would be wholly dependent on the terms of the REPC. Most purchase contracts would allow the seller to keep the earnest money if the buyer backed out two days before the closing was supposed to occur, but you would want a real estate lawyer to look at that before taking too aggressive a position on the issue. Most real estate lawyers will do a free consultation so don't hesitate to call around a bit to find one that fits your situation and who is willing to sit down for a bit to talk about it. The foregoing answer is provided by Douglas J Shumway, Esq.: (801) 478-8080. The answer provided is not intended to form an attorney client relationship and should not be construed as legal advice. Mr. Shumway is licensed to practice law in Utah and Texas. Mr. Shumway's law firm has offices in Salt Lake City, San Antonio and Las Vegas.

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