real estate transaction|||Your remedies will be spelled out in the contract. It is usually one of the 2 (on the contract) and would have been agreed upon in the contract: (most often there is a box to check specifying which remedy will be used)
Forfeiture of the earnest money as liquidated damages
A lawsuit for specific damages or performance
Rescission
The first is more common.
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In Washington, a buyer can back out of a purchase %26amp; sale argeement up to the closing date simply for not having been provided a property disclosure statement if the seller was not exempt from providing one. Also if a legal description is not attached or provided in the contact.|||You are entitiled to the earnest money, for sure. You can end up suing, as well, for performance of contract, in some states. I once had a transaction that went this way, exactly, where the buyer felt it was more important to get her hair done than come to closing. She then said she didn't want to buy the house, my sellers got the earnest money, and were going to sue for performance, then the lady ended up relenting and purchasing the house, but lost the amount of the earnest money, since my clients already had gotten it. It really depends on what your lawyer says, in the end, talk to your lawyer and get the best answer for your area, good luck, nothing is worse than losing a deal, because someone gets buyers remorse, but yet was so kind as to string you along for 30-45 days, and take your house off the market during that time, especially in this market!!
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