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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55716
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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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: 2 years ago.
Category: Real Estate Law
Expert:  Richard replied 2 years 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.
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