Legal Question in Real Estate Law in North Carolina

Contract with a contingency

Sellers have contract on their existing home. Put in an Offer to purchase with a contingeny addendum on a new home for them. Addendum is contingent upon the contract on their existing home closing. The lender had an appraisal which came back under contract price. Can Sellers ask for termination of contract with release of earnest monies from the Buyers agent on their existing home..In order to turn that into the Listing agent on the new home they were going to buy, with a termination of that contract w/ request of earnest monies to be released.


Asked on 5/16/07, 12:57 pm

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: Contract with a contingency

I'm not sure I followed the question and I would need to see the addendum but it would seem that if the Sellers existing home doesn't close due to the appraisal, they should be able to get their earnest money back on the new home (depending on the language of the contingency addendum).

- Jeff

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Answered on 5/16/07, 2:48 pm


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