Caldwell, ID asked in Contracts and Real Estate Law for Idaho

Q: Idaho, when new build seller does not perform to time for closing, with time of the essence clause, is EM refundable

Original contract; time of essence clause, original close date Oct 30, 2020. Seller did not meet. Addendum for release of earnest money (non-refundable) for customization. Addendum for new close date, November 16, to close not met by seller, In single contract state, (Idaho), do all addendums become void and terms revert back to original contract and terms, due to default by seller, including time is of essence clause? If so, because seller did not perform, the original contract becomes void and buyer is entitled to full refund of earnest money correct?

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1 Lawyer Answer
Kevin M Rogers
Kevin M Rogers
  • Boise, ID
  • Licensed in Idaho

A: Yes.

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