Legal Question in Real Estate Law in Connecticut
I have a house for sale,i was made an offer and i accepted. All of the inspections were done with no problems The fha appraisal came in under selling price, i agreed to lower the price to match the appraisal. The buyer has decided not to go through with the sale. Can i keep his deposit?
Asked on 10/23/11, 8:19 am
1 Answer from Attorneys
John Heffernan
Heffernan Legal Group, LLP
It depends on what the contract says. Some have language that the house has to appraise for the contract price or other such language. If not, then you can keep the deposit. But what usually happens is that you end up in small claims court battling over the deposit (and you never know what's going to happen there). The best bet, usually, is to split the difference and give him half the deposit back.
Answered on 10/24/11, 6:32 am