Legal Question in Real Estate Law in California

refund on my deposit on purchasing a home

My offer to purchase a home in the bay area was accepted with a $10,000 deposit. However, my loan did not go through. My agent says that I cannot get a refund on the deposit. Is that always the case?


Asked on 4/11/00, 10:46 pm

1 Answer from Attorneys
Lyle Johnson Bedi and Johnson Attorneys at Law

Re: refund on my deposit on purchasing a home

The buy sell agreement normally has a provision that the sale is contingent upon the buyer qualifying for a loan at some stated per centage rate or lower. If the buyer does not qualify for the loan as set forth in the agreement then the buyer is excused from perfromance. If your agreement does not have such provision you may be stuck. Take the buy sell agreement to an attorney to determine your rights and obligations.

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Answered on 4/23/00, 11:17 pm


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