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Lagnaf, Home Buyer in Bluffton, SC

I recently signed contracts on the sale of my home. The buyer has backed out after attorney review period. Do they forfeit their earnest deposit?

Asked by Lagnaf, Bluffton, SC Mon Apr 16, 2012

Breach of contract in NJ

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Answers

2
Oh, that's a bummer. I'm sorry that happened to you.

However, you always need to go back to your contract of sale for your home to know whether or not the buyer breached the contract. You should discuss this with your real estate agent and consult with an attorney to see if there was a breach in contract and if you are indeed able to keep the earnest deposit monies. But, be aware, the buyers will also most likely seek counsel from their attorney. Meanwhile, what happens to the marketing of your home?

If you think there is good reason to pursue this, then you need to contact an attorney immediately.

Best of luck,

Joy Messner
Mobile: 856.669.9949
Direct: 856.428.9677 (x248)
Lenny, Vermaat, & Leonard
90 Tanner Street
Haddonfield, NJ 08033
0 votes Thank Flag Link Mon Apr 16, 2012
This money was put in Trust for this transaction.
The contract usually has several clauses that will allow the Buyer or Seller to back out.

The question is Why Did They Back Out
Then check the contract.
0 votes Thank Flag Link Mon Apr 16, 2012
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