Results 1 to 3 of 3
LinkBack URL
About LinkBacks-
01-19-2010, 06:29 PM #1
Renter
- Join Date
- Jan 2010
- Posts
- 1
Need advice
I signed a contract to purchase a piece of property, I was supposed to put down 50k earnest money but i couldnt come up with the money so I didnt. My realestate agent represented to the seller that i had given earnest money, and when the deadline for earnest money came due the seller was pissed and is now taking legal action against me for the earnest money.. Isnt a contract void if earnest money was never deposited???
-
01-19-2010, 07:01 PM #2
Fixer Upper
- Join Date
- Dec 2009
- Location
- Cocoa Beach, FL
- Posts
- 54
earnest money
Glad you asked...
Earnest money is typically money given by a buyer to a seller to bind a contract. You most often hear of earnest money when buying and selling real estate. Look here for more information: http://www.realestateabc.com/insights/deposit.htm
I think that this is saying that the earnest money binds the contract...so if you didnt give the money yet, I dont think you need worry.
This is not my field of expertise, but I wouldn't worry about it...that is the way it goes in this market sometimes....I think he is just upset at the fact that he is having trouble selling his hime...oh well
Good Luck
-
01-20-2010, 10:45 PM #3
Condominium
- Join Date
- Jan 2010
- Posts
- 154
I think,when we tackle about legality of the contract, you signed a contract so he can sue you for it. But when it comes to fair discussion, he's just upset because you're not taking the house. Next time,don't sign anything if you can't take the responsibility of it. In the end of the day, it is all business.
Fort Bonifacio Apartments
by Bella Real Estate Brokerage Firm
CALL US!
(+63) 2-368-5798
Fastest Growing Residential Hubs in the Philippines
http://fortbonifacioapartments.com/
Reply With Quote
Bookmarks