Q: In the contract for real estate under financing sec. app to be made within 5 days. What is considered application?
The seller wants to keep my EMD. The seller refused to sign the date change addendum to allow me to continue with the process. The " written application clause" under the financing section 10 of the real estate contract is what the seller is using to try and keep my EMD. However, I applied for a loan on another house but my offer was not accepted so I replaced the address of the original house with the one in question to make an offer on it. I applied for the loan prior to receiving the ratified contract for the house in question. For purposes of a real estate contract of sale, what is considered " making a written application"? If the seller refused to sign the addendum can he use the application as a reason to keep my EMD, when he backed out not me?
A: The only way to get a reliable answer to questions like this is to let a lawyer read the words of the contract and get the facts from you. Anything less is, quite simply, negligent.
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