Buyers breach of contract
Last modified July 10, 2023When a buyer breaches a real estate purchase contract, the seller still retains the property, which can be used in any manner the owner desires and may be sold to another buyer. Typically the Buyer loses all their earnest money deposit if the financing contingency time period has passed. First time homebuyers should read and understand the real estate contract and discuss the situation with thier Realtor so they understand that the money they have already spent in Inspections, appraisals will definately not be recoverable but also the Earnest Money that the put down to Bind the contract will probably also be lost.
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Top 10 terms for First-Time Home Buyers:
- VA funding fee
- Buyers Closing Costs you'll want to know about.
- ALTA (American Land Title Association) Closing Disclosure Statements
- Title company Escrow account
- Survey Fee
- Buy Down
- Buyers market definition
- Lender Inspection Fee
- Homeowner's or Hazard Insurance policy
- Government Sponsored Entity or GSE