QUESTION
can sellers attorney keep our deposit if contract expired and sellers accepted another offer before our financing was obtained
Asked on Jul 29th, 2013 on Real Estate - Florida
More details to this question:
we had an accepted offer and put $2000. deposit down. Our mortgage broker had numerous excuses as to what was holding up our mortgage and we requested an extension. the sellers would only do an extention if we agreed to forfeit our deposit, we refused to sign the addendum and the sellers accepted another offer. Now the attorney holding the deposit is refusing to return it to us. We got a denial letter from the mortgage broker and sent it to the attorney, but he is not responding to myself or my realestate agent. Does the lawyer have the right to keep the deposit? contract states " If buyer does not deliver written notice to seller of receipt of loan commitment or buyers written waiver of this financing contingency, then after loan commitment date, seller may terminate this contract by delivering written notice to buyer and the deposit shall be refunded to buyer" The seller did not submit termination letter, they just accepted another offer andwalked away
1 ANSWER
Asset Protection Attorney serving Vero Beach, FL
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Charles H. Sanford Law Offices P.L.
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Dear anonymous,
This question can't be definitively answered w/o reviewing all documentation and correspondence. However, I will point out that you stated that you asked the Sellers for an extension which was denied, this suggests that the closing date arrived and that you were not able to provide funds to close on the closing date. This in itself could be a breach causing you to lose your deposit. The exact timing of the events you described could also be critical.
Answered on Jul 30th, 2013 at 5:10 PM