Legal Question in Real Estate Law in Florida
How to get a deposit refunded
I purchased on condo in Jax Beach, Fl just under 2 years ago with the intentions of re-selling the property before closing when construction ends. I put down 10% (40K) when I agreed to purchase. Now the same model is being offered for as much as 50K less, which means by selling the property I would lose more $$$ by selling the property. I don't see any escape in my contract, and I am expected to close sometime in September. Is there any way I can get out of the contract and have my 40k refunded, such as a timeframe or a based on the company selling the same unit as mine for less? Thanks in advance
--name removed--Zions
3 Answers from Attorneys
Re: How to get a deposit refunded
You should have an attorney review for clauses allowing you to get out of the contract, if possible.
Re: How to get a deposit refunded
You need to have the contract and disclosure documents reviewed by an attorney, in order to determine whether there is an escape. Reduction in price of similar units is not a reason to terminate. I suggest you get with an attorney experienced in Florida law for a review.
Re: How to get a deposit refunded
Whether and how you may obtain a refund is determined by the contract that you signed. Most of the preconstruction contracts that I have reviewed contain very strong provisions for the builder/developer that make it very difficult for a purchaser to obtain a refund. Most make it very clear that projected completion/start dates are just estimates and that prices and configurations are just proposals/estimates as well. Having said that, I have had great success in the last year in obtaining refunds of deposits for clients. I would be happy to review your documents to get some idea what I think your chances are.
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