Legal Question in Real Estate Law in California

Re: Deposit

The return of the deposit depends on the agreement and several contingencies that are contained therein. Please call me for free consulation.

Re: Deposit

I think that the fact that a member of your purchasing group has backed out renders the deposit unrefundable, as that would negate any 'contingent upon financing' clause. A group of co-purchasers has an obligation to make a good-faith effort to find suitable financing, and if it fails to make the effort it cannot then invoke the contingency clause.

Re: Deposit

Hopefully you told your agent/broker about the issues and they made sure there was a refund clause for failure to receive financing, check the contract.

JOEL SELIK

Attorney At Law/CA Licensed Real Estate Broker

www.sandiegorealestateattorney.com

800-894-2889

www.seliklaw.com

Re: Deposit

If the purchase agreement made the sale contingent or conditioned upon the buyer qualifying for a loan in a certain amount, it should be refundable. If the contract was signed by both you and your family member, though, and your family member is now backing out, since a breach of contract is causing the failure of condition, you may be estopped from using the failure of condition to avoid your contract. Like most things in the law, it is very factually dependent. Your should consult an attorney providing the attorney a copy of all documents involved.