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LawTalk
LawTalk, Attorney
Category: Legal
Satisfied Customers: 35406
Experience:  I am a practicing attorney with more than 30 years of experience in the legal field.
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Is a contract a contract if no money has been exchanged in

Customer Question

Is a contract a contract if no money has been exchanged in the form of earnest money, and all done electronically
JA: What state are you in? It matters because laws vary by location.
Customer: ohio
JA: Has anything been filed or reported?
Customer: im not sure what that means
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 2 months ago.
Category: Legal
Expert:  LawTalk replied 2 months ago.

Good morning,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

The fact that a contract has been prepared and signed electronically---especially when it comes to sales of real property----is valid, regardless of whether earnest money called for in the contract is paid in a timely manner or not. The failure to pay the earnest money as required by the contract does not mean that the contract does not exist or is somehow not enforceable. It merely means that the person responsible to deposit the earnest money is already in breach of contract.

The failure to deposit/pay the earnest money is a breach of contract and not an indication that there is no contract. There is still a legal and binding contract.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

Expert:  LawTalk replied 2 months ago.

Good morning,

Is there anything else I can assist you with today?

It is possible that your questions and issues might be better served by an in-depth conversation with me. If you are interested, for a nominal charge of just $19 I can offer you a private phone conference.

Please know that I answered your question in good faith, providing you with the information that you asked for, and I did that with the expectation that you would act likewise and rate my service to you. If I have already provided you with the information you asked for and you have no additional questions, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance for your rating of my service, It is greatly appreciated,

Doug

Customer: replied 2 months ago.
real estate. we made offer it was accepted,no earnest money was paid,it was all signed electronically, we backed out because we were told that we would need $3300.00 then when it came time to finance we were told we needed $6100.00 do I have to pay the earnest money?State/Country relating to question: Ohio
Expert:  LawTalk replied 2 months ago.

Who told you that the earnest money was $3300 and then changed it to $6100?

What is recited in the contract as regards ***** *****? The contract you signed should have clearly set out the earnest money required by the seller.

Expert:  LawTalk replied 2 months ago.

Hi,

You never responded to me. Is there anything else I can assist you with today? Keep in mind that my offer of the phone call is still open for you.

Doug