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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41069
Experience:  Texas Attorney for 30 years dealing in real estate
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How do I have to walk away out of this contract without

Customer Question

How long do I have to walk away out of this contract without losing earnest money?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Ray replied 10 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Expert:  Ray replied 10 months ago.

Item A here doesn't have an appraisal contingency checked you cannot get out that way.

Item 14 b 1. if not checked either way to allow you /not allow you an out.Thats arguable on your part since it wasn't checked at least one you gave me.That would have given you an out here.You could argue realtor was negligent and that you could offer half , a split of the earnest money and a release from contract.Thats a reasonable offer given the incompleteness of this contract.

You can seek to mediate on this issue if you cannot resolve it.

I appreciate the chance to help you again today.

Customer: replied 10 months ago.
How do I get out with all my earnest money? Can I just say that my bank account doesn't have the funds for the full down payment?
Expert:  Ray replied 10 months ago.

You could argue that and seek to terminate on that basis and argue for return of funds.And then offer half as a counter if they refuse.It is negotiable.The realtor really did a number on you he left off the check for 17 days under the item above it would have allowed you to walk.Realtors want all of these to close so they tend to do this.They don't get paid unless there is closing.You have to watch out for these guys.

Thanks again.

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