Legal Question in Real Estate Law in Massachusetts

real estate: ernest money deposit

we pulled out of purchasing a home past the inspection date. we are willing to give them our deposit but is it possible to have in writing that they will not make us pay the 5% of the home or could they still come after us for that 5%? we just want to be done with it!


Asked on 7/01/09, 2:14 pm

4 Answers from Attorneys
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

Re: real estate: ernest money deposit

It depends on the what you signed.

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Answered on 7/02/09, 2:18 pm
Christopher Vaughn-Martel Charles River Law Partners, LLC

Re: real estate: ernest money deposit

You need to have your agreement reviewed by an attorney. There is nothing magical about the inspection date unless your agreement says so.

There may be a way to save your deposit, and I am not sure why the sellers would be entitled to come after you for 5% of the entire purchase price.

Please don't hesitate to contact my office. This is why it is so important to hire an attorney to assist in the purchase of a home.

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Answered on 7/01/09, 2:17 pm

Re: real estate: ernest money deposit

You should have your agreement reviewed by an attorney and have a release prepared to be signed by the sellers and the brokers. You may not even owe the deposit.

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Answered on 7/01/09, 2:22 pm
Joseph Murray Joseph M. Murray, Esq.

Re: real estate: ernest money deposit

Retain an attorney to review your agreement and prepare a release to be signed by the seller and broker. You may not even owe a deposit and certainly not 5% of the price. Good Luck!

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Answered on 7/01/09, 2:29 pm


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