What does the contract say. If it list 500 earnest money, then you need to perform, you could lose your deal over it. 500 dollars is not that much, to have invested in a deal. Hell a simple mistake cost that much.
jimandlacy is correct. One of the essential elements of an enforceable contract is consideration.
The consideration given the seller is the purchase price to be paid for the property. The consideration the seller gives the buyer is clear and marketable title to the property.
An earnest money deposit is not required as an element of an enforceable contract. Earnest money is offered as an expression of good faith, and, is included in the consideration given when the buyer and seller go to settlement.
What does the contract say. If it list 500 earnest money, then you need to perform, you could lose your deal over it. 500 dollars is not that much, to have invested in a deal. Hell a simple mistake cost that much.
jimandlacy is correct. One of the essential elements of an enforceable contract is consideration.
The consideration given the seller is the purchase price to be paid for the property. The consideration the seller gives the buyer is clear and marketable title to the property.
An earnest money deposit is not required as an element of an enforceable contract. Earnest money is offered as an expression of good faith, and, is included in the consideration given when the buyer and seller go to settlement.