What to do if our buyer wants the earnest money back after the inspection was complete.
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What to do if our buyer wants the earnest money back after the inspection was complete.
We were under contract to sell our home. After the initial inspection by the buyer some items were found we were not aware of. We were asked to fix everything in the report and also to give an allowance of $3,500 for new windows (we had disclosed 4 windows had broken thermal seals). We got an estimate to fix the items other than the windows that was approximately $600. We countered back with $1000 for him to repair everything. He denied this. Our realtor and his came up with the solution that we have the work completed. We started the repairs and he is backing out only verbally agreeing to this. Can he take us to court?
Asked on August 23, 2012 under Real Estate Law, Indiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Is there an attorney at all involved here because if not then I would strongly suggest you get one asap. The contract is a binding agreement and it will govern your rights and responsibilties and your options. Know also that verbal agreements that alter the contract are not binding so you could be in a big nind here. Do not rely on the realtors for legal help. Please. Good luck.
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