Legal Question in Real Estate Law in Florida
Is it legal to have a clause in the contract when purchasing a new home from the developer that states if bank does not approve your
loan--you forfeit any and all deposit and downpayments??
Asked on 4/14/14, 6:02 am
1 Answer from Attorneys
Barry Stein
De Cardenas, Freixas, Stein & Zachary
It is legal and enforceable. If you don't want to agree to it prior to your signing anything you can negotiate it out.
Answered on 4/14/14, 8:01 am
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