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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I made an offer on a house and paid the real state company

Customer Question

Hello. I made an offer on a house and paid the real state company $3k EMD. My financial app did not go through and I had to cancel the contract. It was not a case of "Falsely representing myself" as I was honest and complied to all dead lines in the contract. This is the contract...
Return of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 25 and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three days of Seller’s receipt of such form.
I signed the EM release form and 5 weeks latter (after many emails to my realtor) I got an email saying that the seller was not in agreement with returning the EM. What should I do?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Michael Gonzalez replied 10 months ago.
Good morning: If your contract is a form contract similar to the ones utilized in Florida, then your contract should have a procedure for the return of your EMD. For instance, in your contract please see if there is a Dispute Resolution provision. That provision should have a method to resolve disputes including those that arise regarding EMD. For example, the contract can require that the buyer and seller attend a mediation conference before any formal lawsuit is allowed to proceed.

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