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?

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2
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
MVP'08
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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.

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0 votes Thank Flag Link Thu Sep 12, 2013
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