New development Quadplex question
Hello BP Family. Question for seasoned investors or Developers.
Is it normal for new build(quadplex) to have Earnest money goto developer company instead of Title company? Off course, it’s non -refundable which I’m not worried unless I back out which I have no intentions to do so but my worry is if this developer goes out of business for any reason?
I would appreciate any help with pros & cons. They already have my 6k option money (lot hold) which I will loose, if I back out now. I have call setup tomorrow with developer to speak to him regards to this. Just want to do my homework.
TIA