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We agreed on a price of a home but I never put the ernest money in place because I was still questioning if

it was the right thing to do. 10 days after signing the real estate agreement I decided not to go forward with the purchase. Am I still obligated to put the ernest money in knowing that it will be forfeited?
Fri May 9 2008, 13:16 - Salt Lake City - Home Buying - 4 answers
 
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Kevin
Home Buyer
in Slc
Kevin, Home Buyer in Slc in Slc
Answers (4)
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Marvin Jensen… was FIRST TO ANSWER
First of all, all earnest money should be deposited in the proper institution within three days of the ACCEPTED contract. You have no liability for anything if the contract was not accepted, and that means fully signed by you and the sellers. If the sellers agreed to the purchase without earnest money, you have again nothing to loose. If you are working with an agent, they have liability, if earnest money was written on the REPC as being received and wasn't deposited. However it sounds like you don't have an accepted contract. Don't worry about it if so.

Mon May 26 2008, 11:47
 
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I agree ezactly with the previous to questions, if you are under contract and your dates our gone. You would be liable for the money!

Mon May 26 2008, 10:05
Web Reference: Http://www.jamesgraham.blueroof360.com
 
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Did you have an accepted contract where both you (the buyer) and the seller signed it? You will need to review the terms of that contract regarding the earnest money deposit. The best thing to do would be to contact a Real Estate Attorney in this case and weigh your options.

Fri May 9 2008, 16:57
 
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FIRST ANSWER
Do you have a written contract? If so, what does it say about the Earnest Money deposit?

Fri May 9 2008, 14:25
Web Reference: http://www.marvinjensen.com
 
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