Chandler, AZ asked in Real Estate Law for Arizona

Q: We signed a contract for a new build and would like to get out of it. We gave them a $30,000 earnest deposit.

Any chance we can get out of it? Any chance we could get any money back?

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1 Lawyer Answer
Peter H. Westby
Peter H. Westby
  • Scottsdale, AZ
  • Licensed in Arizona

A: You can usually cancel your contract. Obtaining your earnest money deposit can be difficult. Builder contracts often provide that earnest money deposits are non-refundable. Sometimes you can negotiate a partial refund. Sometimes the reason for cancellation can give you some help, such as the inability to obtain financing. I recommend reviewing your contract with a real estate attorney and get advice as to your legal rights and best options.

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