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Home Buyer's Rights and Earnest Money

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  • 04-08-2007, 07:45 AM
    trapper
    Home Buyer's Rights and Earnest Money
    We recently signed a non-contingent purchase agreement on a new home with a closing date of April 13th. We contacted our sales rep. and asked them for an extended closing since our current home has not sold yet. We have not heard back from them yet on the extended closing but in talking with my father in law last night who used to sell real estate (years ago) he said that once we have earnest money on a home, we have "our foot in the door" and without a quit claim from the realitor, they cannot simply take our earnest money and run if we do not close on the 13th as agreed on. I am going to re-read the purchase agreement but wanted to get a little more info on what a home buyers rights are once they have earnest money placed on a house and have signed a purchase agreement.

    I live in Minnesota.

    Thank you.
  • 04-08-2007, 08:08 AM
    seniorjudge
    Re: Question on home buyers rights & earnest money
    If you back out on the contract, you lose your earnest money deposit.
  • 04-08-2007, 08:29 AM
    trapper
    Re: Question on home buyers rights & earnest money
    That's the way I read the contract (after re-reading it). There really isn't any teeth to what my father in law was saying about us having "an interest" in the property and them not being able to cancel our purchase agreement without a quit claim.

    I guess we have to roll the dice and hope our current home sells.

    Thanks for the reply.
  • 04-08-2007, 08:34 AM
    trapper
    Re: Question on home buyers rights & earnest money
    One note- can the realitor (or builder in this case) disolve our interest in the house (earnest money) without filing a quit claim in court ?
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