Legal Question in Real Estate Law in Florida
a friend of mine recently bought a home and has put good faith monies into an escrow account but has not yet closed. in the interim, the house experienced water leaks of various kinds causing $10,000 estimated damages. the seller has offered only half this amount to fix. the buyer still wants the home but insists first that the seller is responsible and must pay all costs to get the home to its original condition at the time of the purchase. who is correct?
1 Answer from Attorneys
The answer is simple. What does the contract say? That is what controls.
Typically it provides that the Seller will pay up to X% to fix damages. If it exceeds this amount, and the Seller does want to pay more, then the Buyer can pay the difference. If the Buyer doesn't want to and the Seller doesn't want to, then the contract is cancelled, and the good faith monies are refunded.
However, this contract may read differently. So you have to follow those terms.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
