A buyer signs an earnest money agreement and gives it to the broker who showed her the property she is buying. After leaving the broker's office, she reconsiders and decides she prefers a different property. How long does she have to take back her offer?

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Business

Mollie Charles

11 October, 08:28

A buyer signs an earnest money agreement and gives it to the broker who showed her the property she is buying. After leaving the broker's office, she reconsiders and decides she prefers a different property. How long does she have to take back her offer?

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Titus Bailey · Answer 1

Answer: She has time until the seller communicates acceptance of the offer.

Explanation: An earnest money agreement happens when the buyer of a house makes a deposit to the seller as proof that they are serious about purchasing the house. This shows the buyer's good faith to purchase the house.

In this case the buyer reconsidered and decided she wanted a different property. When this happens she is allowed to take back her offer, but only if the seller hasn't communicated the acceptance of the offer to the current owner of the house. If she does this in time, she can take her deposit back and deposit it into the different property that she is interested in.