Home Buying in Texas>Question Details

Rob Ross, Home Buyer in Dallas, TX

Time limit for return of Earnest Money!

Asked by Rob Ross, Dallas, TX Sun Sep 8, 2013

My wife and I recently terminated our agreement to build a new home. We were not in default and have been told that we would be receiving ALL of our earnest money back. The builder is saying that it will take 6 to 8 weeks. I thought there was a 15 day time limit.

Does anyone know if there is a time limit and/or where I could find the reference?

Help the community by answering this question:


Bruce Lynn’s answer
What does the contract say?.....

If it is not specified, then I would expect a reasonable amount of time.

I don't think there is a specific time limit.

Is it held with a title company or with the builder?

If it is at a title/escrow company, I would contact them.

If not, then you're probably at the mercy of the builder.
0 votes Thank Flag Link Sun Sep 8, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
Typically the funds on a traditional purchase would be held at a title company. There is a release form that both parties need to sign stating who gets all or part of the funds. With a builder it's a different ball game. They usually do work with a title company but they may hold the funds themselves. Also their contracts are much different from a traditional existing home purchase and can vary from builder to builder so you really need to review your contract.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Thu Sep 12, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Texas > Home Buying in Texas > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer