Property Q&A in Las Vegas>Question Details

Marndou, Home Buyer in Las Vegas, NV

I put Earnest Money Deposit down in Las Vegas. After viewing the homes decided not to buy. Is there a certain timeline to get money back?

Asked by Marndou, Las Vegas, NV Mon May 7, 2012

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Answers

5
Hi Marndou,

Did you open Escrow on the properties? If you did the Escrow/Title Co. will need both Buyer and Seller signatures on a Cancellation of Escrow form in order to cancel escrow and release the Earnest money deposit back to the Buyer as long as there are no disputes. They will not release Earnest Money until both parties mutually agree and sign cancellation instructions.

Speak with your agent.

Best regards,

Chris Harrison
Barrett & Co., Inc
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 592-9510 ph
Chris.Harrison@msn.com
0 votes Thank Flag Link Mon May 7, 2012
Read your contract.


Sincerely,

James Bellile
0 votes Thank Flag Link Mon May 7, 2012
Mamdou
If there are no disputes the process is pretty easy. Your agent will send a cancellation addendum to the sellers agent. Tell your agent to find out if the escrow company has their specific cancellation instructions so all the paperwork can be signed at one time. The seller signs the addendum and their agent sends it to escrow to process the refund check. That is the best scenario. If there is a dispute by the seller it is not as easy. If you run into that situation you can Ask your agent how to proceed. I hope everything goes smoothly and the next properties work for you.
Thank You
Suzie Marquardt
702-234-7653
Suziem@realtyonelv.com
0 votes Thank Flag Link Mon May 7, 2012
Hi Mamdou,
It depends on the purchase agreement terms. If you have due diligence period, and you are canceling within the agreed time fram, than you can receive your earnest money deposit back.
You should talk to your real estate agent that helped you with the transaction.
Purchasing properties without seeing them is not recommended since often times buyers give an offer without seeing the property, and when the property is viewed , buyers wants to cancel and run into problems with getting earnest money back .

Read your purchase agreement and check for the inspections clause. If you have any questions, call me at 702-612-7099 or email me at cvegashomes@gmail.com. You can also visit my website at http://www.cvegashomes.com. To search for all the homes for sale in Las Vegas.

Rena Levy
Realty Executives
702-612-7099
Cvegashomes.com
Web Reference: Http://www.cvegashomes.com
0 votes Thank Flag Link Mon May 7, 2012
Generally speaking, unless there is some dispute on the seller's side, the process from start to finish should be less than a week. Have your Realtor call the Title Company holding your EMD, and ask them the same question. In fact, ask your Realtor the same question. Have you talked to your real estate agent yet?

Give me a call if you have any additional questions.

Robert K. Peddicord
REALTOR®
Real Estate Consultant
Prudential Americana Group, REALTORS®
Direct: (702) 218-3974
E-Fax: (702) 317-3371
Email : robertp1@americanagrp.com
Web : http://www.peddicordconsulting.com

871 Coronado Center Dr.
Suite 100
Henderson, NV 89052
0 votes Thank Flag Link Mon May 7, 2012
Thanks for your info.
Flag Mon May 7, 2012
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