Legal Question in Real Estate Law in North Carolina

Is there any options to get earnest money deposit returned from the builder/developer for a condo unit that was not yet built when it says in the agreement "the earnest money shall become non-refundable"? My financial status change within 15 months of the deposit being made and I notified them that I would be unable to close on this unit which was still not near ready for occupancy. In fact, not ready for occupancy for yet another 15 months.


Asked on 10/24/11, 7:04 am

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

This could depend - this may involve ILSA (Interstate Land Sales Act). If it does, you may have some rights to return of the earnest money if they did not make all required disclosures and register property, etc. In any event, the contract needs to be reviewed as soon as possible as does a number of other factors so I would suggest consulting with a real estate attorney (and make sure they are somewhat familiar with ILSA because that might be your best option)

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Answered on 10/24/11, 7:17 am


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