Q: Buyer backed out of contract. Home inspection fine. Said she just didn't want it now. Can we keep escrow $?
Buyer did a home inspection (had 10 days) through a non licensed "friend". No report to look at and realtor said house was fine. On the 9th day she backed out. She told the realtor she didn't know about HOA fees. Was in listing and realtor knew. Just got cold feet. We spent $ on home inspection for house we are purchasing, but needed monies from sale of our home to buy that home. Can we keep some or all of her $10,000 deposit?
A: It depends upon the controlling language in the contract for sale, but ordinarily in this situation you should be able to keep some or all of the EMD. You will want to consult with the title company holding the EMD for the process to make a claim.
A: I would agree that it depends on the language in the contract and whether notice of termination was properly given.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.