Legal Question in Real Estate Law in Arizona

Arizona Real estate

In arizona when a buyer pulls out of a deal that is either in dispute with the seller or just decides they do not want to purchase the house is the penalty a loss of earnest money?


Asked on 3/04/09, 10:51 pm

1 Answer from Attorneys

Donald Scher Donald T. Scher & Associates, P.C.

Re: Arizona Real estate

The answer to your question depends upon the purchase contract, and the terms and conditions contained therein. Also, does the contract provide that the buyer loses his earnest money if he terminates the purchase without a legal reason to do so. There is buyer's remorse, and there are good reasons why a buyer decides not to purchase. Without seeing the purchase contract, there is no way to tell if the buyer can terminate the contract and obtain the return of his earnest money. The foregoing assumes that the buyer signed a purchase contract and gave earnest money to the escrow. You have not provided any info regarding the dispute with the seller.

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Answered on 3/04/09, 11:12 pm


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