Q: Am I entitled to earnest money?
My home in South Carolina has been under a contingency contract since 6/24-contingency being the buyers get their home under contract by 7/10.They did not get a contract and yesterday asked for an extension and we gave them until 7/22. Today we are told that they want completely out of the contract because the owner “may” have Covid and can’t show his house and will be unlisting it. We asked for all earnest money and they said no, asked for half and they still said no. Our home has been contingent and not shown to other potential buyers since 6/24-I feel like I am entitled to at least some of the earnest money, any advice is appreciated. Thank you
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A: Read your Contract of Sale carefully. It should have terms dealing with the earnest money and/or liquidated damages. I assume the money is deposited with the real estate agent, which is a problem. If it is a $1K or less, you might forget about it. If more, then you may have to sue in a small claims jurisdiction Court.
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