Legal Question in Real Estate Law in Illinois
how to get a deposit back
We put an amount of money to buy an investment house,then 2 days after we wanted to walk out of the deal, the real estate said it was a valid contract,so they took the money and didntgave back.the house was sold for more money we put the offer,who got the money then?, can we asked them to refund the money to us again,let us know please.
3 Answers from Attorneys
Re: how to get a deposit back
Hello. Whether you are entitled to the return of
your money depends on what the written contract says. Most contracts provide that if the buyer
cancels or backs out of the deal, the seller can
keep the buyer's earnest money. I suggests that you review the contract carefully. I will be happy to answer any additional questions that you may have.
Re: how to get a deposit back
It is a shame that you didn't have legal counsel before you inked the purchase contract. Nevertheless, whether you can get your earnest money back depends on contract language. You should consult a real estate attorney to determine your rights as soon as possible. Good Luck!
Re: how to get a deposit back
It all depends on what the contract says. However, one saving point may be where the real estate agent put "owner of record" instead of the sellers name in the body of the contract. If that is so, the contract may be invalid.
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