Can my buyers lose their earnest money if our offer is contingent their home selling first?

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Can my buyers lose their earnest money if our offer is contingent their home selling first?

We recently put in a offer for my buyer contingent their homes sales. In case my buyers home should not sale on the agreed closing date, what could possibly happen to their earnest check?

Asked on October 7, 2019 under Real Estate Law, Minnesota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If their offer is contingent on their home selling first and tbeir home does not sell, them as per that contingency, they can (if they choose; it is their choice) terminate the contract without penalty and get their deposit or earnest money back.


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