Legal Question in Real Estate Law in Maryland

Contract

I agreed to buy a house to be built, and I gave a deposit. Had a contigency to get an unconditional loan letter in 60 days. I got a conditional letter saying I had to sell some property. Having trouble selling the property, can I receive my deposit back, if it doesn't sell, because I did not meet my contingency?


Asked on 10/20/06, 3:58 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: Contract

If you complied with all time requirements and applied promptly for the loan letter, and the lender doesn't remove the contingency within the 60 day period, then you should be entitled to cancel the transaction and receive your deposit back. This assumes as well that you made a reasonable effort to sell the property in order to meet the contingency.

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Answered on 10/20/06, 5:07 pm


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