QUESTION
Can I get my Ernest money back?
Asked on May 16th, 2013 on Residential Real Estate - Nevada
More details to this question:
I had a purchase agreement on a condo in Las Vegas. One of the 4 owners was deceased, but still on the deed, causing delays in closing. Our contract read closing on or before may 3, 2013. They could not give me a definite closing date. I would not sign extension on contract and rescinded my offer. They want to keep $1500. Of $2000. EMD money. I lost my house in a short sale that same week, and Was forced to rent and move in to avoid storage costs and hotel bills. Now they want to keep Ernest money for time lost on their sale. I say they broke the contract by not closing on time and not having clear title before putting it on the market. Who is right and what is my next course of action?
1 ANSWER
R. Christopher Reade
If the contract had a Close of Escrow date, and time was of the essence in the performance of the terms of the Agreement, then the failure to close is a material breach and entitles you to all remedies under the Purchase Agreement. Normally, Buyer's remedies are limited to return of the Earnest Money Deposit. From the facts you have listed, you appear to be correct.
Answered on May 20th, 2013 at 4:51 PM