Legal Question in Real Estate Law in California
default on real estate contract
can I get my deposit back from a developer after I backed out of a real estate purchase contract and the contingency period has run. Do I need to wait and see if the developer sells the home to another buyer and determine what their damages are?
2 Answers from Attorneys
Re: default on real estate contract
You may be entitled to a refund of some or all of your deposit. We successfully obtained a full refund for a buyer in 2007 and are working toward another one right now.
Contact me to discuss your case.
Re: default on real estate contract
I've answered another submission of the same question before opening this one and noting Mr. Berger's answer. Sure, there are isolated examples of contracts that cannot be enforced for one reason or another. Before you spend a lot on legal fees to pursue a fault-free and damages-free release from your contract, consider very carefully whether the contratc contains a provision requiring the loser of a lawsuit to pay the legal fees of the winner. You could end up in very hot water, owing tens of thousands of dollars more than you thought possible, if you lose. As I say, be realistic about the contract you signed and admit that YOU are the breaching party and are likely to be the LOSER.
Finally, I'm not certain of any of this, but if you read your own contract with open eyes and consider what a judge or jury will think, you are most of the way home to making the right decision for yourself.