Earnest Money and Liquidated Damages: What OREF Section 32 Says

Section 32 of OREF 001 – Residential Real Estate Sale Agreement includes provisions identifying the circumstances that would have to apply for the buyer to be entitled to a refund of their earnest money, and the circumstances that would have to apply for the seller to be entitled to retain the buyer’s earnest money as liquidated damages. These provisions are important for buyers and sellers to fully understand, and agents should review them carefully with their clients.

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.