Legal Question in Real Estate Law in Michigan
Earnest Money
We made an offer on a commercial property several months ago and were unable to obtain our financing due to the appraisal and the fact we would be financing an unestablished business. The seller refuses to return our 2000.00 earnest money deposit and has told us that if we pursue the matter in court, they will counter sue because the property was tied up for three months. Are we entitled to get our money back?
1 Answer from Attorneys
Re: Earnest Money
Rights to earnest money deposits are usually enunciated in and goverened by the purchase agreement or any addendum thereto. It is a matter of contract interpretation, and the documents would have to be reviewed in order to answer your question. Please contact me if you need assistance. www.lawgreg.com
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