Q: Is my agent legally responsible for updating me regarding details regarding earnest money?
In attempting to purchase a large property, our closing date was extended numerous times. when we couldn’t get financing (a contingency on the contract) the buyer claimed that although the closing dates had moved, our original requirement to get funding in 75 days wasn't met and he was going to keep our earnest money. 2 questions: shouldn’t extending the closing date include the financing contingency as well, and more importantly wasn't it my agents’ responsibility to inform me of this? In fact, my agent told me many months after the 75 days that our earnest money was "in jeopardy" if we didn't close soon, indicating to me that we hadn't lost it yet.
A: It depends on the terms of the contract. Take it to an attorney to find out what it means .
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