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Is the standard Texas Real Estate Commission Earnest Money Contract between the buyer and seller just an “offer”?
- No, the buyers are committed to buy the real estate and the sellers are committed to sell.
- The Earnest Money Contract is not merely an offer of “price”; rather, it binds parties to all obligations related to appraisals, inspections, repairs, survey encroachments and loan approval.
- Buyers have the majority of the risk.
