How do I get earnest money deposit released?

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How do I get earnest money deposit released?

I made a $1000 deposit on a home contingent on the property passing inspection. House had issues, I withdrew my ofer. Two wks later I’m still waiting for release of my money. The offer stated: “Buyer shall have the unconditional right to terminate the contract for no stated reason, based upon buyer’s general dissatisfaction with the inspection results. If Buyer elects to terminate the contract, the Contract shall become null and void…My agent says “they’re working things out” (it was a bank owned property). What’s to work out?

Asked on May 30, 2009 under Real Estate Law, Maryland

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

The first thing to check on here is whether you gave effective notice that you were withdrawing from the contract;  you need to look at the contract's language about this, and whether written notice was necessary, and in what time frame.  These details matter!

I'd very strongly suggest that you get an attorney in your area, to represent you throughout the home buying process.  It is too easy to make a mistake without one, and it is too easy for a mistake about real estate to become very, very expensive.  Your lawyer can help you deal with this deposit, which should be returned to you very shortly, I would hope, and with the issues that come up in the home you do decide to buy.  One place to find qualified attorneys is our website, http://attorneypages.com


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