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what do you mean theres no earnest money for liquidated damages dana sparks broker of maximum on greater atlanta realtors and todays contract tip has to do with the situation what happens if a buyer defaults on a contract but never turned in the earnest money oh my goodness what happens then well lets back it up just a little bit uh depending upon the contract under which the buyers and sellers are binding dictates a little bit of the time frames or timing of some issues involved with this so under the gar or georgia association of realtors purchase and sale agreement the buyer is the buyer and seller negotiate for the time frame from the binding agreement date well who the holder is and when the buyer is going to remit the earnest money to the holder and remit is just a fancy word for send um and it it talks about the who the holder is they identify the holder in paragraph a6 and then in a7 the form of the earnest money and when it is supposed to be sent under the reforms contract
