Monday, August 15, 2011

What are the consequences if buyer were to back out of a residential contract of sale?

Buyer signed residential contract of sale in MD and put earnest money in escrow. There is a contingency on contract for buyer to sell his house in DC in order to buy home in MD. It is likely the buyer will be able to sell his home in DC, however, Buyer has to back out on contract in MD regardless of whether sale of DC home is successful or not. Could seller of MD home file law suit for damages against buyer in addition to taking earnest money?

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