Who gets the earnest money if the land is improperly advertised?

[Erin Church]

I have found myself in an interesting situation. I am under contract with a property in Cherokee County, Ga. The tax records, listing, appraisal and owner herself indicated that the land was 1 acre. Just after the end of the DD period, the listing agent sent over an addendum of the property description for me to sign and it shows a survey where the property is only 0.29 acres.  (I didn't sign it.) The owner has been paying taxes on 1 acre for over 30 years, but signed documentation acknowledging that the property was only 0.29 when she purchased the property.

I felt that adjusting the sales price would be the way to go since we were now getting "less for our money". The FMV of the 0.71 acres would be about $17k looking at recent sales in the area. The tax value would be about $15k for the 0.71 acres.

The sellers do not want to budge on price. I don't want to "give away" my options.

Who gets the earnest money? They misrepresented the property and I would have had a different take on it (lower offer) to begin with had I known the true size of the lot. However, we're outside of the DD period. Any input or pointing to resources (or a good local attorney) would be very appreciated. :)