Welcome to another episode of real estate talk. I'm Gary Green, a realtor with Better Homes and Gardens, specializing in the Spring Texas real estate market. Today's question is, when can you terminate your contract and still get your earnest money back? In our contract, there are actually three main opportunities where you can still terminate the contract and get your earnest money back. The first is during the option period. During this period, you have the unrestricted right to terminate the contract. You do not need a reason to terminate the contract. You can turn in your rate and get your earnest money back. Another opportunity is if the property does not meet the lender's underwriting requirements. This often happens with the appraisal. If the appraisal does not meet the agreed upon sales price or higher for FHA, VA, or conventional loans, you would have the right to terminate the contract and receive your earnest money back. The third opportunity is if you're unable to secure the loan within a defined time frame, and you inform the seller that you're unable to secure financing. However, if you go past the defined time frame stated in the contract, you would risk losing your earnest money. So, there you have it. These are the three main time frames in which you can terminate a contract and still protect your earnest money. If you have any questions, please text me or call me at 281-804-8626. You can also find me on Instagram, YouTube, and Facebook under Discover Spring Texas. Thanks for tuning in.
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Trec earnest money Form: What You Should Know
A contract cannot be executed unless the earnest money has been paid to the seller. THE FOLLOWING TICKET WAS MADE IN JUNE 2016. The buyer is not yet in possession of that property until that contract is executed. They will most likely have several months until they need to enter sales. This is a legal tender contract in the State of Texas. That means: The agreement shall be in writing as follows: By executing this Notice of Intent of Sale, Contract, Deed of Conveyance, and by executing the Sale Agreement, the Buyer shall be bound by this contract, the sale or transfer of which shall be completed on the date and at the time set for perpetual execution on this notice. The terms set forth in this contract represent the understanding of the parties on the terms of this contract. This contract may be given, bought, sold, altered, destroyed, or transferred only through a duly authorized member of the firm of R & J Properties in the City of Frisco located at 1095 S. W. 6th Street, Frisco, Texas 75025. Please call or email us and let us know your name, mailing address, phone number, and email address. If you have any questions please Contact Us.
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Video instructions and help with filling out and completing Trec earnest money
