Can Get Earnest Money Deposit Back?

If the deal falls through later, a small cancellation fee will usually be taken out of the deposit, But  the remainder will remain in escrow. Whoever is holding the money will determine whether the buyer should get the money back under the terms of the purchase agreement.

Be sure the purchase agreement covers how a refund is to be handled. Eager buyers sometimes give up their rights. But, keep in mind that even if you are pre-approved for a mortgage loan, you can be declined when you apply for one.

Standard contracts will allow you to receive the earnest money deposit in this case.

In addition, if you find problems with the property, you usually can get money back.

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