Return of earnest money

[jonline19]

What is the name of your state? AZ

my wife and i put earnest money down for the construction of a new home; the purchase agreement stated the monies were not returnable. however, my wife died suddenly, and i now want out of the contract. is the purchase agreement valid since my wife has died? is there a state law stating the monies should be returned since the two buying parties cannot fulfill the contract?

 

[HomeGuru]

What is the name of your state? AZ

my wife and i put earnest money down for the construction of a new home; the purchase agreement stated the monies were not returnable. however, my wife died suddenly, and i now want out of the contract. is the purchase agreement valid since my wife has died? is there a state law stating the monies should be returned since the two buying parties cannot fulfill the contract?

**A: have an attorney review your contract.

 

[lwpat]

Earnest money is in case the purchaser cannot fulfill his end of the bargain for whatever reason. I am sorry for your loss but the reason is immaterial. They do not have to return the earnest money. In similar cases I have seen the contractor return one-half so you could ask.

 

[HomeGuru]

Writer, did you review your contract?