Who gets the money in this backup contract situation?
08/13/2015 | Author: Editorial Staff
Does my buyer client get her earnest money and option fee back if her contract with an attached Addendum for “Back-Up” Contract (TAR 1909) never moves into the primary position?
The earnest money is refunded to her, but the seller retains the option fee. Remember that your client retained the right to terminate the backup contract at any time while in the backup position.
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