Legal Question in Real Estate Law in Florida
Contract dispute???
If a contract is signed and agreed upon by both the buyer and seller of a property, and a ''deposit'' is paid ''in escrow'' by the buyer to the seller, but the buyer wants to back out of the contract now and either places a stop payment on the depost check or purposely has insufficent funds in bank account in order to force a stop payment on the deposit (which has already cleared into the bank account of the seller, but was removed: most likely due to insufficent funds of the buyer), what can be done as far as a contract dispute is concerned, isn't the seller entitled to the deposit at least, as mentioned under the default section of the signed contract?(known as a good faith payment) Can legal action be taken, if so, does the seller have a strong enough dispute to at least recieve the amout of the deposit, and possibly damages as well?
3 Answers from Attorneys
Re: Contract dispute???
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If the Contract was signed, you have a right to the forfeiture of the deposit by the Buyer. Unfortunately, his payment check bounced and it may be hard to find any assets of his. Oftentimes, a Seller will just lick his or her wounds and go on to the next Buyer and not pursue a deadbeat Buyer.
Scott R. Jay, Esq.
Re: Contract dispute???
Yes, provided the contract allows it and all conditions were met, you can go after your deposit, as well as most likely attorney fees and costs.
Re: Contract dispute???
good evening
definately yes you can but if it is provided under the clause of the contract so you can claim the deposit including the fees of the attorneys.
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