In the Toledo area, our standard board-approved and bar-reviewed contract states:
Paragraph 12. Attorney's Review. This agreement is subject to rescission in writing by Purchaser and Seller after review by their espective attorneys within 3 days after Acceptance (excluding Saturdays, Sundays, and federal holidays). FAILURE TO RESCIND WITHIN SUCH PERIOD SHALL CONSTITUTE A WAIVER OF THE RIGHT OF RESCISSION.
Hope this helps. Let me know if you need more.
There is not any thing like a three day review period in Ohio. The standard offer sheet specifies under what terms & conditions all parties agree to a mutual release. As always, the terms of the contract dictate how the earnest money will be handled. Generally speaking, mutual release can come into play if your mother is unable to get financing or if the inspections show something that she would insist be repaired that the sellers will not accept. If that cannot be resolved, then all parties agree to mutual release.
Common sense would dictate that if your Mom changed her mind a day after signing, then the Seller's were not hurt and should agree to release the money so that they can get their home back on the market. But, if she has had them tied up for a period of time, valuable time that they were not ACTIVELY promote the sale of their home, then your mother DID harm them and they DO deserve compensation. If I can be of any help, you can call me at 440-487-2193. http://www.CallrealtorJohn.com