Houston, TX · Member since 2015 · 3 posts · 0 votes
I gave a new home builder an EMD of $2500 check and the site is less than a .5 miles from Brio SUperfund site. My check is still not cashed. When I did research online, I do not feel comfortable in buying a property very near this site. I signed the offer letter about 10 days back and want to back out and I want my EMD back. Can the experienced members advice me quickly on the options I have? Can I bounce the check without any issues? Looking for advice. Thanks
What type of contract you signed for this deal? The TREC standard contract gives you several days (normally 3-7) to back out without loosing your EM but you will however loose any Option Money. This is called the Termination Option on paragraph 23 of the 1-4 Family Residential contract. As long as you give written notice of termination within the established time period, you would get your EM back.
New home builders use their own contracts most of the time and you basically have to read (or have an attorney read it) to determine what exit or termination clauses you may have (if any).