Legal Question in Real Estate Law in Florida

Keeping my down payment!

Good morning,

I recently went to buy a home and it went all the way to closing, but it fell through. Not on my be-half,but on the lenders. We'd made a deal but they didn't hold to it. So the deal fell apart.

I went to my realtor to get my down payment and she said she was holding 250.00 for the survey company.The bill from the survey company reads: bill to mortgage company.I have a signed agreement that says:if financing not available all monies to be returned to buyer.I never signed anything that says my realtor can pay bills for me out of my down payment money.What do you think? THANKS


Asked on 9/12/02, 11:02 am

1 Answer from Attorneys
Scott R. Jay Law Offices of Scott R. Jay

Re: Keeping my down payment!

I think the realtor is making a serious error based on the facts you have presented. The realtor has no right to keep any monies for any reason whatsoever if the transaction does not close due to your failure to qualify for a mortgage providing there was a mortgage contingency clause. The payment for the appraiser is not the concern of the realtor anyway unless he or she is wearing dual hats and also serving as the mortgage broker. This illustrates one of the serious reasons why you should not allow the realtor to also work on your mortgage.

I would let the realtor know that you are going to file a complaint with the Florida Real Estate Commission (FREC) and/or the local Board of Realtors if this issue is not resolved favorably to you.

If this does not resolve your problem, I would strongly suggest that you consult with a qualified real estate attorney in your area.

Scott R. Jay, Esq., 305-249-8000

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Answered on 9/13/02, 10:40 pm


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