How to get the return of our earnest money?
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How to get the return of our earnest money?
We were in contract to build a new home and left some earnest money.
Construction on the home has not been started and our original contract had the
wrong county listed. Upon receiving the new contracts, we decided that the new
home is not our best option. Is the initial contract void because of the incorrect
address and should our money be returned?
Asked on September 24, 2018 under Real Estate Law, Arizona
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
An incorrect address does not void a contract so long as it is otherwise clear (e.g. from other documents or correspondence or discussions) what property you were buying: so long as both parties in fact agreed as to the property, the incorrect address on the contract is viewed as a not material, or important, error, and does not void or invalidate the agreement--essentially, it is a typo to be corrected, is all. Deciding that a property is "not your best option" is not valid grounds to rescind or terminate the contract and get your money back--you can't simply change your mind once you are in a contract. Based on what you write, you do not appear to have grounds to recover your earnest money.
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