Legal Question in Real Estate Law in Florida

Return of Good Faith Deposit
When my husband & I entered into a contract to sell our home in Delray Beach (by owner) the buyer gave a $1000 good faith deposit. The buyer was not able to meet the closing date but because the buyer stated that she really wanted to buy our home, we agreed to an extension. We prepared an extension with a clause that stipulated that if the sale was not completed by the new closing date, she would forfeit her deposit. She signed this extension and verbally acknowledged the stipulation. The new closing date passed and still no sale. We incurred many expenses as a result of the failure of the deal. The buyer refuses to sign the release so that the title company can release the good faith deposit to us. She has stated that we would have to take her to court. We found out after the first contract date expired that she is a realtor - just in general conversation. Do we have to hire an attorney to get this deposit? The legal expenses will probably exceed the $1000 deposit. The Clerk of the Court in Palm Beach county says the money can only be released as a result of a court order or Florida Statute. We feel that this deposit should be given to us to help defray some of the expenses we incurred because of this.

Asked on 9/29/03, 8:03 pm

David Slater David P. Slater, Esq.

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Re: Return of Good Faith Deposit

Contact FREC, Florida Real Estate Commission in Tallahassee. They have a procedure to follow when there is this type of dispute. Good luck.

Answered on 9/30/03, 12:58 am

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