What if the Buyer walks away before the closing?
If all of the contingency deadlines have passed (attorney approval, inspection, mortgage comittment date, etc), a Seller may be able to retain the Buyer's earnest money as a penalty. However, it depends on the individual facts at the time the Buyer walks away.
Bradford Miller Law, P.C. is a Chicago based law firm experienced in real estate transactions. If you are buying or selling a home, contact Attorney Bradford Miller at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
