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earnest money forfeit

“You mean, there’s no deal AND they get their earnest money back?!?”

Financing Contingency Pitfalls [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.  If you need legal advice, please consult an attorney.] One of the surprises lurking in the standard Minnesota Financing Addendum is the weaker of the two clauses addressing...
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“You mean, there’s no deal AND they get their earnest money back??”

Financing Contingency Pitfalls One of the surprises lurking in the standard Minnesota Financing Addendum is the weaker of the two clauses addressing the Buyer’s financing. In layman’s terms, it says that if the closing date arrives and the Buyer’s financing falls through:  a) there’s no deal; and b) the Buyer gets their earnest money back. For...
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“You mean, there’s no deal AND they get their earnest money back??”

Financing Contingency Pitfalls One of the surprises lurking in the standard Minnesota Financing Addendum is the weaker of the two clauses addressing the Buyer’s financing. In layman’s terms, it says that if the closing date arrives and the Buyer’s financing falls through:  a) there’s no deal; and b) the Buyer gets their earnest money back. For...
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