I'm the seller of the pre-owned home. The buyer and I have agreed and signed a Texas Resale Contract. Now, the buyer want to terminate this contract by replacing his own brother to be a new buyer on the contract and ask for his earnest money back. Since the time has passed for the 10 days for the termination option, then in this case, is the buyer allowed to change the contract to other buyer and get his earnest money back? What is the protections for the seller?
Please help and give me some advice.
2 Answers from Attorneys
You might let him assign his contract to the brother, but I wouldn't release the earnest money. Instead, the brother can reimburse your original buyer for the earnest money.
I would need to look at the contract to make sure everything is in order.