Posted on: 06th Jul, 2005 09:06 am
If a seller gets a backup contract, do you need earnest money to make it valid?
Hi Guest
Welcome to the forums.
"If a seller gets a backup contract, do you need earnest money to make it valid?"
Yes, it is necessary that you pay earnest money and any other fees provided in the back up contract. A backup contract supplementing an existing contract of purchase and sale of property, places the legal obligation that it should be executed and the relevant charges should be paid.
For further reference, visit http://www.mortgagefit.com/backup-contract.html
Please feel free to write back with further queries.
Regards,
Sam
Welcome to the forums.
"If a seller gets a backup contract, do you need earnest money to make it valid?"
Yes, it is necessary that you pay earnest money and any other fees provided in the back up contract. A backup contract supplementing an existing contract of purchase and sale of property, places the legal obligation that it should be executed and the relevant charges should be paid.
For further reference, visit http://www.mortgagefit.com/backup-contract.html
Please feel free to write back with further queries.
Regards,
Sam