If an earnest money deposit is never made but the buyer still plans to close, can the seller cancel the contract prior to closing?
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If an earnest money deposit is never made but the buyer still plans to close, can the seller cancel the contract prior to closing?
Asked on September 21, 2012 under Real Estate Law, Florida
Answers:
Mark Siegel / Law Office of Mark A. Siegel
Answered 11 years ago | Contributor
It would depend upon the specific provisions contained in the contract of sale & any rider to the contract regarding the down payment, including the seller's right to cancel the contract, timely notice requirements by the seller as per the contract, any applicable rights the purchaser may have under the contract & purchaser's timely compliance with notice requirements to the seller, if any, in accordance with the contract.
You should consult with an attorney who practices in the area of real estate law. The attorney can review your contract & advise you accordingly. Good luck.
david slater / david p.slater, esq.
Answered 11 years ago | Contributor
If the buyer breached the contract, it can be terminated. Provide written notice as soon as possible.
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