We are suppose to close on our home on or before July 31, 2012, She put down $2,500. We were suppose to closed June 27, 2012. But on our con...

Question

We are suppose to close on our home on or before July 31, 2012, She put down $2,500. We were suppose to closed June 27, 2012. But on our contract it does say on or before 31, 2012. What happens if she won't close then , but askes for more time and we say no. What happens to the $2,500. do we get to keep it or does she get it back?

Answer

It all depends upon the terms and conditions of the purchase agreement which the parties signed. Everything should be spelled out in there.