Legal Question in Real Estate Law in Florida

mandatory 20pct deposit to buy a condo ?

we are trying to purchase a property at Kings Point Tamarac, Trent Division. we are being told that there is a mandatory 20pct of the purchase price required. Is this legal?


Asked on 5/23/07, 11:18 pm

3 Answers from Attorneys
Miriam Jacobson Retired from practice of law

Re: mandatory 20pct deposit to buy a condo ?

A seller may require a 20% deposit. This does not mean that you cannot finance more than 80% of the purchase price, but it does mean that you have at least the 20% deposit at risk if you default on the purchase.

For most people, a home purchase is the largest single investment they will make. You really owe it to yourself to have an experience real estate attorney review your contract before you are bound by it, and to represent you at settlement as well.

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Answered on 5/24/07, 12:09 pm
David Slater David P. Slater, Esq.

Re: mandatory 20pct deposit to buy a condo ?

There is no such requirement. Have an attorney review your contract.

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Answered on 5/26/07, 6:55 am
John Corbett Corbett Law Firm LLC

Re: mandatory 20pct deposit to buy a condo ?

I assume that you mean 20 percent as a deposit. That is higher than customary. There is no set legal standard.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 5/23/07, 11:53 pm


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