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Assuming the seller does not contest to you getting your earnest money back, then you should both sign release forms. This says that you both agree that the earnest money will be returned to you. Make sure to contact your realtor or lawyer to find out about any other forms you need to sign.
Generally, these funds are held in an escrow account managed by the buyer's real estate agent or the title company. The deposit is then applied to your closing costs or returned to you at closing. Earnest money funds are usually applied to a loan's closing costs or to the down payment.
The earnest money can be held in escrow during the contract period by a title company, lawyer, bank, or brokerwhatever is specified in the contract. Most U.S. jurisdictions require that when a buyer timely and properly drops out of a contract, the money be returned within a brief period of time, say, 48 hours.
If you back out of the contract for reasons that aren't stipulated by your contract or its contingencies, you could be out your earnest money or, in extreme cases, you could even be sued by the seller. There are few instances that could put you at risk of a seller-driven lawsuit.
To get a hire purchase deal, you will usually have to pay a deposit. Use C.A.R. Form CC, Cancellation of Contract, Release of Deposit and Joint Escrow Instructions for this purpose.Parties commonly initial the liquidated damages provision found in Paragraph 21. B of the C.A.R. Form. What to do to Protect Your Earnest Money Deposit? Day of acceptance is perhaps the most important rule, considering all other time periods depend on it. If your contract contains an inspection contingency and the applicable deadline hasn't passed, the seller should return your earnest money deposit. This is called an earnest money deposit and it occurs when the seller accepts the buyer's purchase offer. In all of the C.A.R. purchase agreements, "days" mean calendar days . The purchase agreement details contingencies and exceptions, which affect both the buyer and the seller.
