What is an earnest money deposit?

We talked about earnest money dispute there was an article that stated if the deal doesn’t go through who gets the earnest money deposit? Our answer is it depends and what is the reason why someone might not get the funds. Question to ask is who default on the contract for an example if the buyer has no more contingencies left and they no longer want the house and the contract that we use here in Las Vegas states that if the buyer defaults they have to give the earnest money to the seller. It would be fair in general terms that if the buyer cancels based on any one of the contingencies that is allowed on the contract and do it on a timeline of that contingency and I am the buyer I would receive my earnest money deposit back. It is important to mention a couple of items about the earnest money dispute in regardless to what our GLVAR contract says and automatically get the money back if you cancel on some type of contingency you are not going to get it back unless both parties (seller and buyer) agree to sign to release those funds escrow companies cannot release until they received that signed addendum from both parties. Stay tune to hear more! Thanks for watching! Subscribe to our channel to get the updated market trends each month for Las Vegas, and other great real estate tips and news! Tune in every Saturday at 11am to 101.5FM & 720AM, KDWN, The Talk of Las Vegas to hear Las Vegas Real Estate Now! Call Harvey for all of your Real Estate needs: (702) 203-1165. Check out radio show website: https://lvrealestateradio.com/ Check out real estate website: https://brownblankfeld.com/