Legal Question in Real Estate Law in Illinois
Not getting our earnest money back after a home inspection turned up asbestos
My husband and I were set on getting this house. We did the home inspection & several other tests (radon, termites etc.) The home inspector told us he was 95% sure all the flooring was asbestos. After asking the seller to remove the asbestos & they refused, we decided it would be best to not buy the house. Of course our realtor told us this was definately grounds for getting our earnest ($500) money back. The seller's agent is stating he does not have to give it back. Five hundred dollars is a lot of my money to my husband & myself and we feel like we were robbed. We had all intentions of buying the house until these tests came back bad. Do we have grounds to get the money back or is this something that we have to say cut our losses. Your advice would be greatly appreciated!
2 Answers from Attorneys
Re: Not getting our earnest money back after a home inspection turned up asbesto
Having a copy of the contract would be most helpful. In what county was the property located? You need a lawyer!
Re: Not getting our earnest money back after a home inspection turned up asbesto
It all depends on what the contract says. You do have a contract, don't you? The Seller's agent. Is that a real estate broker? Again read the contract it should tell you on what basis the Seller must return the earnest money. If you have no contract at all then frankly the issue is up for grabs. Get a lawyer.
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