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Updated 18 days ago, 11/07/2024
Can I get my EMD Back??
I have a legal question about a contract I have with a wholesaler and the $5000 EMD
I was under contract for a property that I learned had liens on it..... it states in the contract that title must be marketable and if not, then I would get my EMD back..... However, even up until the day before closing I was never informed whether the title was Actually marketable or how and IF the liens would be paid off from the proceeds of the sale.
I called and emailed the wholesaler's title company several times asking about this, BUT I never received a response so I did not move forward and close on the property.
Now the wholesaler is saying my EMD will go to the seller because I didn't close. Do I have a case at all? I am attaching the contract with highlighted section about this. I am Just trying to understand if I should fight them or not. I have reached out to a few attorney's and of course they are saying I would have to put them on retainer before giving advice.