Q: Will I get my earnest money back if the seller couldn't make closing due to a roof install?
We went under contract on a home in FL on 5/17 that was undergoing a roof install. At time of contract, the roof was off the home. A closing date of 6/24 was set, and we as buyers fulfilled all contractual agreements and were ready to close. On 6/24, the sellers requested an extension until 7/16 due to the roof not being completed, and we suggested 7/22 to give more time. On the closing date of 7/22 the roof was still not completed, and we made the decision to not extend the closing again and instead not purchase the home. Our lender will not finance the house without home insurance, and the insurer will not underwrite the homeowners policy without a wind-mitigation inspection that includes a completed roof. We have asked for a cancel and release form but so far have been met with silence. Will we get our earnest money back?
A: You should; that's what an earnest money agreement means. But, of course you should have an attorney review the contract.
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