Legal Question in Real Estate Law in Florida
contract legalities
ref. to a florida real estate sales contract: I have been told by the real estate agent I will forfeit my 500.00 deposit if I do not take a mortgage rate that is unacceptable to me because i was able to secure a loan. however, the closing date has expired but was extended w/o my signing an extention only that of the seller's. Am I out my deposit or is the money by law retured to me. In sec IV of the standard FL contract this is covered and through the wording it appears I am due back my deposit. Any help would be appreciated.
1 Answer from Attorneys
Deposit on home- forfeit or return
Facts: florida real estate sales contract: told by the real estate agent will forfeit 500.00 deposit if I do not take a mortgage rate that is unacceptable to me because i was able to secure a loan. Closing date expired but seller extended w/o my signing extention. In sec IV of contract this is covered and it appears I am due back my deposit.
Q. Am I out my deposit or is the money by law retured to me.
A. Std. contract specifies loan amt. AND interest rate and date to obtain. If you didn't get a loan on the terms listed, you get your money back; otherwise you lose your deposit. Broker stands to split the deposit so don't rely too much on what you are told by RE Agent.
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