Posts Tagged ‘earnest money dispute’
Mediation Always Before Filing Litigation
Question: We signed the Realtor purchase contract with the buyer of our Cave Creek home. The buyer deposited with the escrow company $100,000 earnest money. All inspections were fine, and escrow was scheduled to close on Wednesday. Today our Realtor said that the buyer now wants to cancel the Realtor purchase contract because our neighborhood…
Read MoreMediation Required for Potential Foundation Problem with North Scottsdale Home
Question: We signed a contract to sell our north Scottsdale home to a California buyer for $2.5 million. The buyer deposited $75,000 earnest money with the escrow company. At the final walkthrough the buyer “discovered” some new cracks in our Saltillo tile floor. The buyer then demanded the return of the $75,000 earnest money because…
Read MoreIf the Buyer Learns that a Neighboring Home is a Short-Term Rental Home, the Buyer Can Get Earnest Money Back
Question: In a recent column you said that if a seller and a buyer have a dispute about the validity of the sale of a home, the standard Arizona Association of Realtors purchase contract (“AAR Contract”) requires mediation before a seller or buyer files a lawsuit. We bought a home in Phoenix that we loved,…
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