Seller and Buyer agree to cancel the contract and refund the earnest money...

Aria
Home Buyer
60613

is the real estate agency entitled to refuse release of the earnest money? The contract was cancelled due to the buyer being rejected at the last moment by the mortgage company due to immigration status (J1 visa)

Answers (3)
Chuck Stuparits
Agent
Oak Brook, IL

As per manager, if you get a release of earnest money letter from both attorneys the earnest money must be released regardless of the reason for the cancellation of the sales contract.

Mon Jul 27 2009, 09:18
Philip Sencer
Broker
Chicago, IL

That is a legal question for your attorney, but your agent, if you had one, should also know. If you don't have an agent, my web site has some information for 1st time buyers that might be of interest.
If you do not get this resolved, you can file a complaint. I can explain how.
Good Luck

philip

Mon Jul 27 2009, 08:09
Kipp Blackburn
Agent
Chicago, IL
FIRST ANSWER

Absolutely not. The buyers agent should submit an "authorization to release earnest money" form. Once completed, the earnest money will be released to the buyer.

Mon Jul 27 2009, 08:06

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