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Updated over 6 years ago on . Most recent reply

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Alex Sky
1
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8
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Who keeps the EMD???

Alex Sky
Posted
Hello, Who would keep the EMD in this residential real estate scenario? Here’s the sequence of events: - all buyer contingencies EXCEPT Loan contingency were removed - Loan CR removal date was 9/21, buyer didn’t remove - seller sends buyer a notice to buyer to preform to remove the loan contingency on 9/25 - contingency wasn’t removed - COE DATE SET to 10/01 - On 10/03 buyer sends cancellation of contract pursuant to not being denied for a loan - On 10/03 but after the delivery of the cancellation of contract, the seller sends a demand to close set for 10/08 Who keeps the EMD? ** The contingency was never removed and cancellation of escrow was sent by buyer before the demand to close was sent by selIer.

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17,444
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
30,114
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17,444
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied

You might want to tell us what state this is in, as state laws will vary greatly on this.

Also, does the contract have a paragraph on rhe disposition of emds,? Any paragraph on disputes?

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