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Aria, Home Buyer in 60613

Seller and Buyer agree to cancel the contract and refund the earnest money...

Asked by Aria, 60613 Mon Jul 27, 2009

Seller and Buyer agree to cancel the contract and refund the earnest money...
is the real estate agency entitled to refuse release of the earnest money? The contract was cancelled due to the buyer being rejected at the last moment by the mortgage company due to immigration status (J1 visa)

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The best answer that I can give you is to consult with your legal counsel. Realtors are not permitted to practice law. I will tell you that generally speaking, the broker is not a party to the contract, and if the principals agree (buyer and seller) the broker should not be refusing to release the earnest money. But as Lynn stated, you should read the contract, and then consult legal counsel.
0 votes Thank Flag Link Mon Jul 27, 2009
You need to review terms and conditions with agent involved of executed sales agreement.

There are performance clauses for any all parties involved. If there is a misunderstanding perhaps speak direct with broker of agent .

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0 votes Thank Flag Link Mon Jul 27, 2009
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