We have put $ towards our downpayment and after learning that we weren't getting what we were offered we decided to cancel our contract. Given that we failed to settle due to miscommunication on their part we signed a mutual release of agreement which states that we are getting our $ back. However, we were recently told that such document was never approved by management. They sent us a letter saying that because we decided not to proceed with the sale they are entitled to our money. Our contract states that they are entitled to all deposits if we are at fault for not settling .However, we did not settle JUST because ,;they gave us a reason!! we just want our money back.please help!!!
An earnest money deposit is money you pay into a nonrefundable account to show you are a serious buyer. It is applied to the down payment when the sale closes.