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We have our home up for sale, the first day it was on the…

Customer Question
We have our home...

We have our home up for sale, the first day it was on the market we got a cash offer along with a conventional loan offer. we accepted the cash offer, the lady put up 5,000 in earnest money and 4 days later gets cold feet and wants to back out. she asked for her earnest money back and we told her no. the problem is that when she sent the check over to the managing broker it was over the course of the memorial day weekend and with the banks being closed the check wasnt going to be cashed until this tuesday, well before the broker could cash the check she put a stop payment on the check so they never got the funds

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No, there is a signed purchase agreement and a mutual release that is only signed by us

Lawyer's Assistant: Where is the home located?

Elkhart indiana

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I dontthink so

Submitted: 2 months ago.Category: Legal
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Answered in 33 minutes by:
5/31/2018
Lawyer: Loren, Attorney replied 2 months ago
Loren
Loren, Attorney
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Lawyer: Loren, Attorney replied 2 months ago

What does the contract say with regard to the buyer's right to cancel? What does it say with regard to the earnest money in the event of the buyer's breach?

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