Legal Question in Real Estate Law in Florida

I �m a buyer that has a contract with the following key information:
- No appraisal contingency
- Finance contingency:
�This Contract is contingent upon the Buyer obtaining a written loan commitment for a conversional loan on the following terms within 20 days after the effective date�.�
The situation is that the appraisal came in much lower and I cannot cover the difference. We have already missed this aforementioned contingency of �obtaining a loan with 20 days��. Could I walk away without losing my $5K deposit?

Asked on 9/29/12, 9:56 am

Barry Stein De Cardenas, Freixas, Stein & Zachary

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1. Contracts should not be signed without having an attorney review them.

2. Hire an attorney now to review the entire contract. Taking out specific paragraphs wont help in reviewing the entire situation.

Answered on 9/29/12, 10:00 am

David Slater David P. Slater, Esq.

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Without reviewing the contract, no one can answer.

Answered on 9/29/12, 11:20 am

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