Legal Question in Real Estate Law in North Carolina
Earnest Money Dispute & Ramifications
We entered into a contract to buy a
house. It did not pass the
contingencies of the contract, but
the sellers are disputing it. While we
are in that dispute can we go ahead
and purchase another house? Or do
we have to wait until this matter is
settled before we can enter into
another contract?
1 Answer from Attorneys
Re: Earnest Money Dispute & Ramifications
I should point out that you may want to pose this question to your closing attorney.
However, you are free to enter into another contract. Without knowing anything about your current contract situation, the Sellers may keep your earnest money, sue you for additional money or even sue you for specific performance (the last thing would be pretty unlikely). Also depending on what the dispute is about, the Sellers could try to use the fact that you entered into another contract as a negotiation tool or facts to prove their point of view.
Please understand that without knowing all the details, I can only give you a very basic generic response.
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