Legal Question in Real Estate Law in Florida

Do I really need an escrow deposit to secure a property?

I want to purchase a large property for a 500 house development. I have the money to develope the land into lots(infrastructure , roads etc.) and I also have large builders that will buy the lots from me once completed , and are willing to give letters of intent and make deposits, I do not have the escrow deposit desired by the seller. Do I need an escrow deposit to go ahead and bring the property under contract?Am I allowed to use the builders deposits to go towards the purchase of the property?


Asked on 10/11/03, 1:15 pm

2 Answers from Attorneys
Darren Inverso Norton, Hammersley, Lopez & Skokos, P.A.

Re: Do I really need an escrow deposit to secure a property?

Perhaps the seller will take something other than a cash deposit. You may want to inquire about using the other deposits as security or giving a note to the seller based upon future earnings from the development. I you would like to discuss thses matters further, please give me a call at 941-954-4691. Good luck.

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Answered on 10/12/03, 9:06 am
David Slater David P. Slater, Esq.

Re: Do I really need an escrow deposit to secure a property?

Generally, a seller wants a deposit when the contract is signed. Ten or twenty per cent is put down at signing , balance on closing. If you can get a seller to do otherwise, good for you.

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Answered on 10/11/03, 2:32 pm


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