Can I have my deposit back?

Anna Xu
Home Buyer
Miami, FL

At the last day of my closing,I got my denial letter, (from one of bank collapse recently). Right now, I try to get my deposit back. Also, I found out, in the contract, my realtor fail to mention the property has a lien on it, the amount money on the commitment letter is not match the money on the contract. Do I still have a chance to get my money back?

Answers (1)
Mott Kornicki
Broker
Miami Beach, FL
FIRST ANSWER

There is a chance that you could recover your deposit. I'd like to say that it is easy and effortless. The fact is recovering deposits has become a legal specialty due to the potential complexities involved.

If your purchase was from a developer, the contract should spell out specifically; whether or not the sale was contingent of the buyer obtaining financing. Usually developer use a non-conditional agreement. Many properties have liens, some liens seriously affect the value- others can easily be remedied.

I suggest that you talk to an attorney that specializes in "Deposit Recovery" • Many attorney have seen the demand for such a service.

Wed Oct 15 2008, 15:53

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