Probably, you're entitled for your deposit minus cancellation fees and other fees that you might have agreed to pay such as inspetions, etc. Contingencies should be removing in WRITING AND SIGNED as the trasactions goes by for time is of the essence. Either Seller or Buyer, (or their respective agents) failed to remove this contingency or extend in WRITING AND SIGNED. In your case you might have more than 50% to get your deposit.
If that box is checked you should get your deposit back no problem. However the seller would still need to sign the escrow cancellation instructions. If they don't it is my strong opinion you would still win a case in front of a mediator / arbitrator or in a courtroom.
If this isn't the case, work with your agent to try to come to a fair settlement, you shouldn't have to lose your entire deposit. The escrow company CANNOT just hand over your deposit to the seller without your signature too.
Sorry to hear about your job, I hope you find something new soon.
Realtor Since 1996
With the caveat that every transaction is different, and your documents should be reviewed with your agent, here is the GENERAL answer to your question:
Until and unless you actively (in writing) remove a contingency, it is still in place. The seller, in your case, could give you a notice to perform, and force you to remove your contingency or close/ cancel the escrow.
Getting your deposit back upon cancellation is never automatic, even when both parties have waived the liquidated damages clause. Escrow cannot cancel the escrow or release the deposit without the agreement of both of the parties. (They are neutral and not a party to your transaction) The seller can agree to cancel, sell the property to another party, and still hold the deposit pending dispute resolution. (In this case escrow transfers the deposit into a holding escrow for the duration of the dispute)
My advice? If you truly cannot qualify for the loan, and want to cancel, sit down with your agent and have them explain the applicable portions of the contract to you. Then have them begin negotiations with the seller to obtain a cancellation for you.
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
This requires a buyer to "actively" sign-off on a contingency for it to be removed.
I trust you were working with a Realtor and utilizing the standard CAR Purchase Agreement that would have Active contingency removal in the language as is standard in residential sales.
Tim Jarnot â€“ Branch Manager
Direct: (310) 795-7807
If there are no other terms and conditions out of the ordinary signed or agreed by you in writing, you should be able to get your deposit back if the other agent did not give you a notice to perform. The agent should have given you the notice to perform unless you signed a contract that says your deposit will be automatically given to the seller if they do not receive any cancellation by the 17th day of contingency removal expiration.
Either way, the best thing to do is to avoid conflict and look for a reasonable solution... try to avoid taking the "who is right?" position and instead look for how can I get what I want and give them what they want...
Best of luck!
Ron Escobar, MBA
Broker & General Contractor