Posts Tagged ‘Can a Buyer Cancel a Purchase Contract Before Closing’
Unlawful Forfeiture of Earnest Money During COVID Pandemic
Question: We live in New York. In February 2020 we signed the homebuilder’s Purchase Contract for the purchase of a new home in North Phoenix. We deposited $50,000 earnest money. Under the Purchase Contract we had 30 days to do the inspection and to cancel the Purchase Contact, or the $50,000 earnest money would be…
Read MoreBuyer Entitled in Good Faith to Cancel “As Is” Purchase Contract During the 10-Day Inspection Period
Question: We moved here from Milwaukee and signed a purchase contract with $20,000 earnest money for a Goodyear home. We had the right to cancel this purchase contract within the 10-day inspection period. We both have jobs in Chandler. Neither of us realized how far the day-to-day commute was from Goodyear to Chandler during rush…
Read MoreIs 10-Day Inspection Period A ‘Free Look’?
Question: We signed a purchase contract to sell our Rio Verde home to Los Angeles buyers for $1.2 million with $50,000 earnest money. During the 10-day inspection period the buyers cancelled the purchase contract and demanded their $50,000 earnest money back. Their only reason for cancellation of the purchase contract was that they would be…
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