Legal Question in Real Estate Law in Florida

Where do I stand after waiting 4 years for the buyer of my property who left a substantial deposit but who still will not or cannot go to closing claiming property worth about half original contractual price and bank will not appraise at original price now due to property bubble bursting? He has been renting mine while trying to sell his own house but has not maintained my house to its original standard. Do I have to give back the deposit and or accept a very low re-negotiated price? Do I have to agree on an appraisal at all or the county evaluation? If I keep the house as there is a need to do so now will I have to give back the deposit or can he sue me? Either way what happens to the original contract on the house if I agree to re-negotiate the price lower? I have no problem with him closing as agreed originally even though my needs have changed over the 4+ years.


Asked on 9/17/10, 8:32 pm

1 Answer from Attorneys
Richard Kaplan

There should have been a time limit in the contract for closing on a lease/purchase. Hopefully you can find one. If so, and he exceeds it, then he loses is rights to purchase and his deposit.

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Answered on 9/23/10, 5:19 am


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