Contract Contingent on Buyer Qualifying for Financing

stack of cash

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…

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Recourse For Spouse’s Misuse Of Community Funds

Question: After seventeen years my husband and I have been having serious marital problems. When I was back in Minnesota visiting my parents recently, my husband signed a contract to purchase a condominium in Mesa in his name only. The $10,000 earnest money was “hard” or nonrefundable after the 10-day inspection period. My husband couldn’t…

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