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Answers (7)
Best Answer
- Jeff Konstant, "jkonstant"
- Contributions:1970
Did your realtor explain that even if you are legally and contractually entitled to a return of your deposit, the seller must agree in writing in order to actually get it back? Did they explain that if the seller does not agree and sign, you may have to actually go to court to get it back? Very often the entity holding good faith or excrow money is obligated under a totally different set of rules regarding how it is returned and most agents either don't know until there is a dispute or don't mention it so as to not scare off potential buyers by mentioning it. How many contracts would not be written if buyer's knew there might be a hassle even though they did everything they contractually agreed to but were still denied the loan. The contract is clear. You may certainly be legally entitled to your money back. How you go about getting it back is another story.
- Pasadenan
- Contributions:21450
Why are you stating you are in California if you are in Kansas City?
J knonstant already provided you a good answer. Though you may be able to get your depost back, you shouldn't expect it. You need to make sure the contract is written very clearly if you think the contract may be terminated for a problem on your end. But then it is also less likely to be accepted as such contingencies make it more of a risk for the seller. The seller would usually rather take less money to make sure the sale will go through.
J knonstant already provided you a good answer. Though you may be able to get your depost back, you shouldn't expect it. You need to make sure the contract is written very clearly if you think the contract may be terminated for a problem on your end. But then it is also less likely to be accepted as such contingencies make it more of a risk for the seller. The seller would usually rather take less money to make sure the sale will go through.
- Melinda Schnur, "RealtorMLS"
- Contributions:43
If you were represented by a competent agent then your deposit should have been protected by a contingency. If this contingency was still in play when you defaulted on the contract then you should be able to get the money back. All the best.
- Alane Quien 01484017, "aquien"
- Contributions:37
In the broad sense the answere is yes there is acutally a provision in the contract that will allow the seller to keep the deposit. It depends on several factors.
Yes, if your contingency was removed, or worse, you never had one.
probably not. Most purchase contracts have a loan contingency, and thus if the loan fails, the buyer is not in breach. But it will depend on the particular details of the transaction and the contract.
Can a seller keep the deposit when a sale didn't go through due to bank denial?
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