where does earnest money go if buyer backs out
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After home inspection, we want out of the purchase. Can we. – If we back out, will we get our earnest money back?. you should then read the contract to determine how you must go about telling the seller that you wish to back out of the contract.. it is a highly subjective contingency. In other words, the buyer most likely has the option to back out.
Everything You Need to Know About Earnest Money Deposits – Where does an earnest money deposit go and why is it important? Both earnest money deposits and down payments are critical parts of the home buying process, but they are definitely not the same thing.
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Tip. A contract is a contract, and when a buyer backs out of a real estate transaction at the closing table, valid reasons must be presented before determining the return of the deposit.
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