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Old 07-16-2019, 11:54 AM
 
1 posts, read 681 times
Reputation: 10

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Hi All,

I just signed a home contract 24 hours ago and I want to cancel the contract. We have already informed them we want to cancel the contract but they not ready to give us the earned money check back. They have not deposited the check yet. What will be the consequence, will they deposit the check or they will not deposit the check as I have asked them not to.
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Old 07-16-2019, 12:02 PM
 
568 posts, read 1,128,585 times
Reputation: 654
In the contract, it should be pretty clear or spelled out what happens to the earnest money if either party backs out.
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Old 07-16-2019, 01:02 PM
 
Location: Hougary, Texberta
9,019 posts, read 14,282,260 times
Reputation: 11032
Cancel the check. It's easier to argue that you may owe them the money than it is to argue to get it back from them.
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Old 07-16-2019, 02:38 PM
 
20 posts, read 60,173 times
Reputation: 34
Cancelling the earnest money check probably isn't the best way to approach this. Did you pay an option fee (nonrefundable fee)? If so, it's spelled out in the contract that you can terminate the contract for any reason during the option period.
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Old 07-17-2019, 10:02 AM
 
914 posts, read 1,831,815 times
Reputation: 588
Do you have a realtor? If so, ask them.
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Old 07-18-2019, 09:34 AM
 
344 posts, read 346,093 times
Reputation: 564
Cancel the check fast, if you have room in the contract to legally cancel. If you don't have room to cancel they may take you to small claims to get the deposit. But at least you will have the money in the meantime.
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Old 07-18-2019, 12:37 PM
 
467 posts, read 777,928 times
Reputation: 376
Most if not all new home builders don't have option periods. Why did you go into a contract and want to back out so fast?
seems like a big waste of time
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