Posts Tagged ‘covid-19’
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 MoreCOVID-19 Addendum to Purchase Contract is Helpful
Question: In your recent column the buyer of an expensive Carefree home no longer wanted to close escrow on the home because the COVID-19 crisis caused a change in the buyer’s financial circumstances. The buyer wanted to cancel the transaction and forfeit the $25,000 earnest money. Under the standard Arizona Association of Realtors (“AAR”) Purchase…
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