Legal Question in Real Estate Law in Florida

Refund of home buying deposit
Hi, I agreed to purchase an
investment property in FL in March
of 2006. In November of 2006 the
financing fell through due to factors
outside of my control. The contract
stated that if this happened, I would
be refunded my $6000 deposit. I
applied for that refund, and the
company has indicated that they are
not in a financial position to give it. It
is now May 2007 and still I haven't
seen this refund. What are my
options?

Asked on 5/27/07, 6:41 pm

3 Answers from Attorneys

Bryan Whipple Bryan R. R. Whipple, Attorney at Law

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Re: Refund of home buying deposit

Deposit money is supposed to go into an escrow or trust account. The company's financial circumstances should have nothing to do with it. I don't know Florida law, but under the law of California and I would suppose most other states, I'd say you've probably been flim-flammed.

Answered on 5/27/07, 7:40 pm

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Matthew Weidner Matthew D. Weidner, P.A.

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Re: Refund of home buying deposit

The following is not legal advice and does not create an attorney/client relationship.

The answer to your question depends on where your deposit was/is being held...i.e. licensed title company, realtor, attorney or developer. The standard Florida contracts have different rules and different requirements. While there are variations on how to proceed with your case, the outcome should be the same...sounds like you should receive your deposit back. I will be happy to review your case and offer an opinion on how you should proceed and what your chances are. You may contact me at [email protected].

Answered on 5/27/07, 9:29 pm

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