Knowledebase Tag: Release of Earnest Money
- The Texas REALTORS® used to have a form that terminated the contract as well as provided for the release of earnest money, but now all I can find is a form entitled Release of Earnest Money (TAR 1904). My seller wants to be sure that the contract has been terminated, and that the earnest money is released back to the buyer, who could not obtain financing. What form should we use?
- After completing inspections on one of my listings, the buyer requested the seller repair several items shown on the inspection report. The seller refused to do any of the repairs. During the option period, I received a Release of Earnest Money form (TAR 1904) signed by the buyer and his agent showing the earnest money being returned to the buyer. No Notice of Buyer’s Termination of Contract form (TAR 1902) has been received by the seller or the listing agent. Does the Release of Earnest Money form satisfy the buyer’s notice of termination requirements under Paragraph 23 of the contract?
- My seller’s contract didn’t close by the date specified in the contract. He and the buyer blame each other, and both want the earnest money. The contract hasn’t been terminated yet, but my client wants to put the property back on the market. What should I do?
