Can I get my earnest money back?

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Can I get my earnest money back?

I contacted my insurance company as the
house I wanted to purchase has live knob
and tube wiring in the upstairs. They
told me no and wrote me a letter
accordingly. I submitted it to my
realtor and backed out of my contract.
The sellers will not release the monies
stating they found 2 companies willing
to insure the home. Can I get my earnest
money back per the contingency in the
contract? Thank you in advance

Asked on August 17, 2019 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

The answer to your question is to be found in the contingency you mention: a contract to buy a house is enforced according to its plain terms and you are locked into it unless there is a clause or contingency letting you out. If this is a typical "inspection contingency" allowing the buyer out if the seller refuses to fix (or provide a mutually agreed credit or price reduction) for an issue found on inspection, then you could use it to terminate the contract and get your money back. Review the contingency to see its applicability to this situation.


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