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Earnest Money law

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Earnest Money law

Last updated: December 21 2009
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  • Earnest Money law

    I have question on earnest money. I submitted the application form with earnest money check to the builder 5 months back. Earnest money check got cleared 4 months back but I didn't receive the allotment letter. When I ask the builder, they are now making a fuzz on the rate mentioned in the application form since the market has improved.

    My question is how could they cleared the earnest money check, if they were not agreed to the rate mentioned in the application form.

    Is there any kind of law which obligates the seller (builder) to owner the rate mentioned in the application form because they accepted the earnest money(they cleared the check not just received the check).

    Can any of you guide me please?
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