Who keeps the EMD???
Hello,
Who would keep the EMD in this residential real estate scenario? Here’s the sequence of events:
- all buyer contingencies EXCEPT Loan contingency were removed
- Loan CR removal date was 9/21, buyer didn’t remove
- seller sends buyer a notice to buyer to preform to remove the loan contingency on 9/25
- contingency wasn’t removed
- COE DATE SET to 10/01
- On 10/03 buyer sends cancellation of contract pursuant to not being denied for a loan
- On 10/03 but after the delivery of the cancellation of contract, the seller sends a demand to close set for 10/08
Who keeps the EMD?
** The contingency was never removed and cancellation of escrow was sent by buyer before the demand to close was sent by selIer.