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Does a low earnest money deposit protect a seller if a buyer backs out of a sale?
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Hi, I have a document I would like an attorney to look at for a possible cash buy of my house.
I understand that you're looking to have a document reviewed regarding the cash buy of your house. Can you tell me what type of document it is?
It is a "Purchase Contract for Real Estate."
Have you already received any offers, or are you still in the process of negotiating?
I have the offer from them in the contract.
Is there anything else the lawyer should know before I connect you? Rest assured, they'll be able to help with your purchase contract.
No.
Hi there, thank you for your question. I'm Seth, a lawyer here on our service. I understand you have a "Purchase Contract for Real Estate" that you'd like reviewed regarding a cash buy offer for your house. Is that correct?
Yes, that's correct.
I want to let you know that a comprehensive document review isn't typically included as part of this service. However, I'm more than happy to provide general legal information and guidance to help you navigate your situation with the purchase contract. Sound good?
That's fine.
Could you let me know if there are any specific terms or clauses in the contract that you're concerned about? This will help me understand your situation better.
I am just concerned about them backing out last minute.
It's understandable to be concerned about the buyer backing out. One thing you can look for in the contract is a clause related to earnest money or a deposit. This is often used to ensure the buyer is serious about the purchase. Do you see any mention of earnest money or a deposit in your contract?
Yes, but they pay a very low amount, $250 to the title company.
It might be a good idea to negotiate a higher earnest money amount to ensure the buyer is committed. This can provide you with more security in case they decide to back out. Please let me know if you have any further questions.
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