Home Buying in Washington>Question Details

newcastle1122, Home Buyer in Seattle, WA

Releasing earnest money to builder

Asked by newcastle1122, Seattle, WA Mon Nov 26, 2012

We are doing a presale with a reputed builder in Seattle , WA. The escrow comapany is now reaching to us and asking for permission to release the earnest money deposit to the builder.The building process has not yet started and I am hesitatating to release this money to the builder. Is this common for a presale?

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It's not so much what is common, as what does the contract you presumably already signed say?

I would add this is also somewhat of a legal question when phrased that way, and would require that you obtain an attorney to review your documents and explain your rights. That probably would have been a good idea before you signed any contract. I've seen some pretty bad builder contracts.
0 votes Thank Flag Link Tue Nov 27, 2012
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