Legal Question in Real Estate Law in Texas
real estate
I was planning to sell my ranch in Texas and had a buyer. They put down 5k in earnest money. They did not get the loan and once they found this out they said that they were unhappy with the land. They now want me to give back the earnest money. Do I have to since they were the ones who backed out of the deal? Also they are trying to sue me because they think that I am holding back the release. They sent me a letter with a time frame to pick a mediator from a list that t hey approve and I have asked for an extention but they are now trying to play hardball. I was not even in the state when they sent the letter can they deny me the extention since I was away on a medical emergency. Thank you in advance for yo ur copperation.
2 Answers from Attorneys
Re: real estate
Ms. Perales is correct, you'll probably need to give the earnest money back but it depends on your written contract. So contact an attorney if you can't tell from reading it yourself.
Re: real estate
Whether or not they get their earnest money back depends upon what your contract said. Oftentimes, the contract states that the deal is contingent upon whether the buyer can obtain financing, and if the buyer cannot obtain financing, then the buyer gets its money back.
You will have to read the contract.
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