Question: Is there a way I can revoke the sale agreement after I have accepted the earnest money to pursue a better price offer?
Answer:
Earnest money is consideration for the contract of sale executed between the parties therefore under law you are obligated to perform the contract. Revoking the contract for reasons of better offer will be a breach of the contract and will attract legal consequences. However in order to assure that you are not been under payed for your property you may at the time of the drafting of the contract include a provisions that makes sale agreement and eventually transfer of property contingent on market price evaluation. That is,carefully include terms and conditions under which the consideration in form of "earnest money" shall be effective e.g the earnest money shall be treated as consideration to the contract if the complete sale price is adequate subject to market survey. In case the sale price is inadequate then the seller shall return the earnest money and the contract shall be considered void.