Posts Tagged ‘earnest money’
Wrongful Release of Earnest Money to Buyer by Title Company
Question: My husband is a USAF jet pilot. We were stationed at Luke AFB for three years, but we were recently transferred to Eglin AFB in Florida. We temporarily are living in base housing, but we wanted to buy a home as soon as possible after the sale of our Glendale home. When we moved…
Read MoreContract Contingent on Buyer Qualifying for Financing
Question: My husband and I signed an offer to buy a home in east Mesa, but the seller wants $30,000 earnest money. If we don’t qualify for the mortgage, will we lose our $30,000 earnest money? Answer: Probably not. Under the standard AAR purchase contract, the purchase of the home is contingent on the buyer…
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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