Legal Question in Real Estate Law in Arkansas
How do I get my money back
1 year ago I put a down payment on a new mobile home. Todate I have no home. This was a land home deal. I have asked to get my money back but am told if I call the deal off I get no money back. They will not return the money if I do not get denied from the lender. I call and am told still going through the bank. As far as I know it has been to 3 different banks each time I am told I have been approved but there is a reason that I do not get the loan. I also have money on the land which I cant get back unless my loan is denied. Is there a way to get my money back? How long do I have to wait?
1 Answer from Attorneys
Re: How do I get my money back
Do you have anything in writing? I would need to see what it says. They cannot keep your money unless there is a contract. Any land deal should be in writing unless you are already on the land. The contract should give provisions for what happens in default and what the time essence would provide for. You should have some recourse at this point if it has been a year and you have done your part, but I would really need to see the contract.
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