About a week after the Due Diligence Period expired for one of my firm’s listings, the buyer decided to pull out of the deal.

Legal Q&A | What happens when the listing firm, seller and buyer all claim the Earnest Money Deposit?

QUESTION: About a week after the Due Diligence Period expired for one of my firm’s listings, the buyer decided to pull out of the deal. The seller was understandably frustrated, and instead of putting the house back on the market, he decided to withdraw the listing altogether. Of course, we told the seller that we understood his decision, but when we told him that our firm was going to take half of the Earnest Money Deposit to cover our expenses, he threatened to go see a lawyer.

As if the issue with our client wasn’t bad enough, the buyer just emailed our firm today also demanding the Earnest Money Deposit. She claims that the seller failed to disclose a material fact about the home. Can you tell me how to distribute the Earnest Money Deposit?

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