Posted by E.Eka on October 18, 2003 at 20:44:19:
I’m pretty sure she’s wrong and her attorney should know better. The earnest money is in Escrow not in your pocket. It is easily refundable if her offer is not accepted because she didn’t want to match. You were smart to put that clause in the sales contract. The buyer has 48hrs to match the offer. If she matches the offer then you have to take hers. If she refuses, then the escrow company issues her a check for her earnest money deposit.
The reason the check was initially cashed was to make the amount liquid.
In order for there to be consideration, the check must be liquid. I’m pretty sure that checks aren’t considered to be cash until they are actually cashed. From a legal perspective.