Expert: Lori Frankfort - 1/20/2009

Question
Lori,

If I sign the contingency removal form with the exception of removing our loan contingency, do I as a buyer still forfeit my rights to get my earnest deposit back even if the loan isn't funded? The seller wants the form signed by January 22nd and if we don’t sign it, they will cancel the sale.  Thank you in advance.

Answer
As long as on the form you select "except loan contingency" box then you're safe.  If your contract doesn't allow for the extended time period for your loan contingency then they could force you to release the loan contingency or risk cancelling.  Check your time periods portion of your sales contract.

Best,
Lori