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Old 10-30-2008, 08:23 AM
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Default real estate
earnest money deposited for purchase of commercial real estate, funding did not come through at the last minute, funding source sent ltr that is was not the buyers fault. should the earnest money be returned.
Thanks
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Old 10-30-2008, 09:58 AM
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Was the sale contingent on financing? If not then NO, it would be a cash sale if not financed. Dunno, I am no expert, but seems like the earnest money would be returned as long as it was contingent on the financing...Just my opinion...
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Old 10-30-2008, 12:08 PM
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Originally Posted by mrjrob View Post
earnest money deposited for purchase of commercial real estate, funding did not come through at the last minute, funding source sent ltr that is was not the buyers fault. should the earnest money be returned.
Thanks
No.
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Old 10-30-2008, 12:28 PM
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Read the contract. It should clearly state the answer in there. Most financing contingencies are removed very early on.
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Old 10-30-2008, 12:41 PM
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What contract did you use? Was it the NCAR approved commercial form? When did you examination period end? Before or after the notice was sent for lack of financing?
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