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Earnest money is either paid to the seller or refunded to a potential buyer, depending on a number of factors. The termination option gives a potential buyer time to fully evaluate the condition of the property and perhaps renegotiate the initial offer based on inspections , needed repairs, or other considerations.
An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction.
Carlow had placed a $6 million non-refundable deposit for the purchase of the Borden-held brands, and had arranged financing contingent on the profitability of Clark over the succeeding 6 months, but it was almost immediately evident that Clark, facing shutdowns due to failed deliveries from suppliers whom Carlow had repeatedly put off paying, would fall short, and Carlow's financiers pulled out.
Aug. 30—WAKEFIELD — Gov. Chris Sununu forwarded to the Executive Council a proposal just shy of $10 million to buy the former Laconia State School property. But the Council voted 2-1 on Friday ...
(Reuters) -Grubhub settled with the U.S. Federal Trade Commission and Illinois Attorney General Kwame Raoul on Tuesday for allegedly misleading customers about order fees, adding restaurants to ...
Whether your bank refunds money lost in a scam depends on several factors: the type of scam, how you sent the funds, the bank’s policies and if you authorized the transaction. Learn more in our ...
In the Netherlands, key money (sleutelgeld) is a payment without consideration, often required by either the landlord or by the vacating tenant. The amount can vary from a symbolical amount up to one or more monthly lease terms. However, key money is deemed illegal and repayment can be enforced by legal means. [9]
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