Typical as a sellers agent, I tell the seller don’t get hung up on the deposit. First the seller requires the buyer to demonstrate proof of funds. If the deal does go south for any reason, the buyer is not going to purchase. The deposit is held in escrow until the buyer and seller sign a mutual release. The advice I offer my seller, are you willing to take the house off the market while you litigate? If the buyer cannot purchase, what judge will make the buyer go through with the purchase. I know it’s contract law. Are you willing to tie up your house for months or years in litigation? Give the buyer back the money, and let’s move forward with another buyer. The size of the earnest money is immaterial. That’s my opinion and I’m sticking with it.
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