Legal Question in Real Estate Law in Pennsylvania
Real Estate - Pennsylvania
What are the consequences if a seller backs out of a contract, after all contingencies are met?
2 Answers from Attorneys
Re: Real Estate - Pennsylvania
They forfeit their earnest money deposit.
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{John}
Re: Real Estate - Pennsylvania
Depending on the circumstances, the deposit may be due to the seller or to the buyer. However, unless both parties agree in writing to release the deposit, neither one may automatically get it.
When Realtors are involved, they try to get both parties to agree, but the Realtor may not release the funds unless buyer and seller agree, or a court orders the release.
You will need a PA lawyer to help you whether you are the seller or buyer.
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