My question involves real estate located in the State of Ohio.
I have a contract from a buyer stating that the earnest money is "non-refundable". We did this because we were agreeing to take our home off the market and give them 5 months to secure financing, but didn't want to do so without some sort of commitment. They did not secure a loan by the date set forth, so we moved on and eventually sold to another party a few months later. Now the realty company will not release the funds to us from the initial contract. We ended up paying out more in interest payments, advertising, etc. to eventually sell. It's not a lot of money, but that's exactly the reason we wrote up the initial contract in this way. I'm not sure what to do about this or if there are options. Thanks
I have a contract from a buyer stating that the earnest money is "non-refundable". We did this because we were agreeing to take our home off the market and give them 5 months to secure financing, but didn't want to do so without some sort of commitment. They did not secure a loan by the date set forth, so we moved on and eventually sold to another party a few months later. Now the realty company will not release the funds to us from the initial contract. We ended up paying out more in interest payments, advertising, etc. to eventually sell. It's not a lot of money, but that's exactly the reason we wrote up the initial contract in this way. I'm not sure what to do about this or if there are options. Thanks
Purchase Contracts: Non-Refundable Down Payment
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