Reply to Buyer losing an earnest money deposit

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[quote=Anonymous]I’m a real estate attorney. You need an addendum that says

1) the settlement date is changed to xx/xx/2024

2) all contingencies are moved

3). If for any reason whatsoever the purchaser does not complete settlement by xx/xx2024 then the title company is irrevocably instructed and agrees to release the earnest money deposit without further instruction or demand of any kind whatsoever.

4) if for any reasons whatsoever the purchaser does not complete the settlement by xx/xx/2024 then seller shall have no further obligation to sell the property to purchaser and shall have the right to sell the property to a third party without recourse or liability to the seller of any kind whatsoever.

Second, the holder of the deposit must sign a joiner statement agreeing to bound by #3.

Third, your agent is almost definitely legally entitled to half the deposit. You need the agent to in writing release this obligation, usually in exchange for your extending the list agreement. [/quote]

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