Legal Question in Real Estate Law in Florida

Can I get the deposit back before closing

We signed an preagreement to buy a house (from gorund) with a well-known builder. We paid 10k earnest money deposit. However, due to recent financial issues, we decided not to purchase the house as we can no more afford the payments. The walls of the house are not even built yet. So we have a couple of months before the closing date. My question is, if I quit now, can I get my deposit back? I've 2-3 friends in the same position as me. And we'll be glad to work with an attorney. Thanks.


Asked on 5/04/06, 2:18 pm

1 Answer from Attorneys
Randall Gilbert Gilbert & Caddy P.A.

Re: Can I get the deposit back before closing

Your rights are going to be contained in the contract itself, therefore without reading your contract there is no way an attorney would be able to tell you your rights. Have you tried to see if you can sell your contact to someone else, and if your real estate contract allows you to assign it? If you have a question, ask the builder if you are allowed to assign the contract to someone else.

Good luck,

Randall Gilbert

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Answered on 5/04/06, 2:37 pm


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