Contract Recission and Earnest Money

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How long after a mutual recission of a contract do you get back your earnest money?


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Assuming both the buyer and the seller are in agreement, and the earnest money in not in dispute, it should not take more than a few days or a reasonable amount of time to submit the recission in writing, get it signed off on by all parties, and the broker will be free to release the funds and return them to the buyer.

However, there can be reasons why it might take longer. If you have not received your funds within one week, (assuming that this is a standard residential real estate transaction we are discussing) I would check with the broker holding the earnest money to verify that they have sent the funds and make sure they sent them to the correct address.

Answered almost 7 years ago

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