Legal Question in Real Estate Law in Florida
earnest money
If a person gives earnest money for the purchase of property, is this money refunded to this person if he decides he wants to cancel the contract to purchase. Is there a time limit for canceling a contract to purchase?
2 Answers from Attorneys
Re: earnest money
It depends upon the contract you signed.
Re: earnest money
Unless there is a specific contingency which allows you to cancel the contract for a specific reason (such as failing to qualify for a mortgage), a Contract is generally not able to be cancelled at will. A Contract is a binding agreement. The purpose of the earnest money is to bind the contract.
Without reviewing your Contract, I could not give an answer to your situation. I strongly suggest that you consult with a local real estate attorney to review the specifics of your Contract. For a minimal consultation fee, most of your questions would be answered.
Scott R. Jay, Esq., 305-249-8000
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