This is a more focused, side-question based on some discussion in this post.
Our Contract Details:
- Closing date of August 18th
- The contract has a buyer contingency of them selling their condo
- The closing date is going to pass before they're ready to close (requesting 2 week extension)
My question: What happens to the initial escrow deposit? If this falls through (if we can't agree on an extension, etc.), can we contend to keep the deposit? Or are they free from any repercussion due to their contingency?