Can I get in trouble for cancelling our earnest money check on a bunk contract?
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It is breech of contract if you stop payment on the check...you will no longer be able to work with your realtor (he/she will drop you like a hot rock) and you will probably have a hard time finding another realtor. I don't know why she told you that you can't be that specific because the offer we just accepted was that specific with their loan requirements.
You are right, because you didn't specify in your offer you could be held lible for not completing the contract as well. Why don't you ask your realtor to do an adendum to your offer??? Then the seller can either accept the adendum or turn it down, then the onis is on them and you get your money back...
Can I get in trouble for cancelling our earnest money check on a bunk contract?The seller (at least in North Carolina) can not get your money so easily. The check is held in the selling agent's (typically) trust account until closing or both parties agree on what happens to the earnest money deposit. my guess is that if it goes to a local REALTOR association arbitration board, they will give you your money back. If you were my client, I would also notify your agents broker in charge that you were not given the correct advice initially and you should not be responsible for losing any deposit.
Before you spend money on an attorney you may wish to contact the state real estate commission for advice.
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