Legal Question in Real Estate Law in Arizona

I was in the process of purchasing a home not to long ago..I had put a 1000 for the ernest money...there were a many issues with my lenders not wrapping this up by deadline for the escrow closing date..by the time they were trying to approve my loan, i ended up being denied..now the seller wants the ernest money..but I don't think its fair due to the fact that it wasn't my fault these lenders couldn't be punctual and meet nessessary deadlines..what can I do in order to not lose my 1000.00 ernest money?


Asked on 12/10/12, 1:02 pm

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

Your rights may be determined by the terms of the purchase contract. I suggest that you give written notice of the termination/cancellation of the purchase contract to the seller and escrow agent, showing where in the purchase contract that your purchase was contingent upon your getting a loan, and since you did not get a loan, the contingency was not met, therefore allowing you to terminate the contract and get your earnest money back. If the escrow agent does not return your earnest money, then go to small claims court against the escrow company and seller.

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Answered on 12/10/12, 1:46 pm


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