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What does is mean when a contract “goes hard”?
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As part of a contract to buy Aspen real estate the buyer will pledge earnest money to show his sincerity. The amount of earnest money is negotiable between buyer and seller. But one can expect it to be in the range of 5-10% of the purchase price. Once all the contingency dates in the contract have passed the earnest money is non-refundable. If the buyer were to back out of the transaction for any reason the seller would be able to retain the earnest money and sell the property to someone else.
There are a lot of details to this and your legal representative will be able to fill yo in on the finer details. But to avoid wrangling over the earnest money make sure that as a buyer you are in a position to follow through with the purchase before the contract goes hard. |
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