Legal Question in Real Estate Law in Colorado

Earnest Deposit Dispute

I am selling my old home and purchasing a new one. I had a contract to sell my old house and a contract to buy the new home. One week before the closing date, the buyer on the old property that I am selling walked on the deal. He waived his right to the earnest deposit that he placed on the house. Who is entitled to this earnest deposit, am I entitled to it or is my real estate agent entitled to it? The reason that I am asking is that my real estate agent mentioned to me that he plans to split this earnest deposit with me. Also, since I do not have a buyer for my old home, does this constitute a reason for me to terminate my deal to buy the new home and receive my earnest deposit on that house?


Asked on 1/25/04, 7:46 pm

1 Answer from Attorneys
Eric Fisher Law Office of Eric A. Fisher. LLC

Re: Earnest Deposit Dispute

The rights to the earnest deposit and your ability to cancel the purchase contract should be spelled out in the contracts signed. If you want us to review those contracts, please call 970-668-1949 for an appointment.

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Answered on 1/26/04, 1:05 pm


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