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re: Real Estate Earnest Money Question
Posted on 4/17/19 at 11:59 am to Kraut Dawg
Posted on 4/17/19 at 11:59 am to Kraut Dawg
quote:
My question is whether or not a buyer can repeatedly make changes & conditions to the deal after the due diligence period.
Depends entirely on the language in the contract.
Once you are past the DD period, typically that money is forfeit. In my experience, the buyers provide a check with the offer and if the offer is accepted, that money goes into an escrow account of some sort.
What I have heard about, but not experienced, is that in practice deals get backed out of or cancelled all the time and the money isn't usually worth the effort to fight over.
Are you using a Real Estate agent? If so, they should be able to answer all of these questions for you. That's what you're paying them for.
If you're not using an agent, you could contact a real estate lawyer and ask them for a flat fee contract review and advice.
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