Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to help if I can. Please bear with me a few moments while I review your question, conduct any necessary research, and type a response. Thank you.
Hello again. Thank you for your patience while I reviewed your question.
Before I can answer your question, I need a little more information about your situation.
Can you please confirm that you are purchasing a house rather than refinancing an existing mortgage? If so, does your sales contract have a financing contingency? In other words, does your contract allow for you to back out without penalty if you do not obtain financing? Finally, who is refusing to return your earnest money? The seller?
You wrote: The sales contract did not say I could not back out with out penalty.
My response: I am less interested in what the contract does not say, and more interested in what the contract does say. Does your response above mean that it does not allow for cancellation of the sales contract in the event that you do not obtain financing? That is very important.
Also, who is refusing to return your earnest money? Who is holding it?