How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53998
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
17027240
Type Your Real Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

If I am the seller and the buyer (through poor planning on

Customer Question

If I am the seller and the buyer (through poor planning on their part) does not meet the closing deadline, and I have not signed the paper to extend it, do I get ther earnest money?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
Yes, you would have the right to retain the earnest money. You have no legal obligation to extend the closing. If the buyer fails to timely close and the contract does not have any specific provision allowing the buyer to terminate without being in default, then by failing to close as provided in the contract, the buyer is in default. That gives you as the seller the right to terminate the contract and retain the deposit due to their default.
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!

Related Real Estate Law Questions