Legal Question in Real Estate Law in Washington

escrow money

We had a buyer make an offer on our house, and through our agent we had come to an agreement on a price pending an inspection. The buyer put $3000.00 down in escrow on a $282,000 purchase price. The inspection revealed we had polybutelene plumbing and we renegotiated the price down to $277,000. All new agreements were signed by both parties and we set a close date. 10 days before the close our buyer now wants out due to the plumbing and the $3000 back. They have fired their agent and will not show up at our set closing date. We are not going to let them back out of the agreement. How much of a case if any do they have to get the escrow money back? The property inspection was quite through and they took 3 days before signing the new agreement after the inspection. Then waited 2 1/2 weeks before deciding they wanted out.

Asked on 10/07/05, 12:32 am

1 Answer from Attorneys

James Vasquez In Pacta, PLLC
0 users found helpful
0 attorneys agreed

Re: escrow money

If the buyer was given an opportunity to inspect, and all notices and disclosures were given, then the buyer has a very weak case in getting the earnest money back. Most real property contracts have a liquidated damages clause, that is that if the buyer pulls out at the last minute without good cause then the seller, as her sole remedy, gets to keep the earnest money deposit. In your case this would be the $3000.00.

Read more
Answered on 10/07/05, 2:16 pm

Related Questions & Answers

More Real Estate and Real Property questions and answers in Washington

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now