Legal Question in Real Estate Law in California
I am purchasing a home and obtaining an FHA loan for financing. Once we got our contingent approval from Wells Fargo We removed the loan contingency on the contract. With a little over a week to go before closing, my husband and I satisfied all contingencies on the loan. The last step was the government mandated background check against the excluded parties list for all parties involved in the transaction. Everyone cleared except the seller's agent and the broker of record for the agency. There were 5 people on the list with the same name as his (Steve Lee). With the documentation he provided they were able to prove that he is not 4 of the 5 people on the list. They can't prove he is not the 5th without proof of his social security number. He refuses to divulge that info. My final loan docs cannot be issued until he is cleared. If the closing date comes and goes without being able to clear the seller's agent, will we lose our deposit. It is his fault we can't close, not ours!
1 Answer from Attorneys
Without reviewing the purchase sale agreement it is hard to say for sure. Review the agreement carefully or contact an attorney to help you analyze the agreement to determine what can be done now to make sure you don't lose your deposit.
Typically speaking you will not lose your deposit if it is seller's breach of the agreement.
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