Anyone who has bought or sold a home, or other real estate, knows how complex a real estate transaction can be. A major source of confusion in some real estate transactions is the payment of earnest money. Earnest money is paid to the seller, or his agent, to show that the potential buyer is making a serious offer. Many people incorrectly assume that they will get their earnest money back if they change their minds, and back out of the sale. This is not true. When the Seller accepts an offer by signing it, the property has been sold. Only if contingencies written into the offer allow it can the Buyer or Seller break the offer. Should either party fail to complete the purchase without the benefit of a written contingency in the offer, they may be liable for damages, including the loss of any earnest money.

     We are often called upon to represent our clients at real estate closings, and in real estate litigation. We've helped them avoid many costly legal problems. If you're thinking of buying or selling real estate, we can help you too.


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