Case Study: Triple R Development V. Golfview Apartments

Law360, New York (February 29, 2012, 3:54 PM EST) -- Real estate purchasers whose contract permits the return of the earnest money deposit if financing cannot be obtained must be extremely careful in how this contingency is worded in the purchase contract, or a purchaser may get an unwelcome surprise, and be forced to forfeit the earnest money when financing cannot be obtained.

Typically, when a purchaser needs bank financing to purchase real estate, it will make its obligation to purchase contingent upon obtaining that financing. In this type of transaction, the deal is premised upon...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.