Legal Question in Real Estate Law in Maryland
Deposit Refund
I started the house buying process approximately 2 years ago and put a $1500.00 deposit down. Due to my credit, I was unable to get approved for financing and my deposit was to be returned to me.
It's been almost 2 years and I have not received my deposit. Now, the company is stating that they can not locate my check. I faxed a copy of the check over to him and have still not received a response, i.e., my money returned.
Please advise.
2 Answers from Attorneys
Re: Deposit Refund
You didn't specify who is holding your deposit. If it's a real estate agent, you should file a complaint with the real estate commission in the jurisdiction where the agent's office is located. If it's a builder, and he's licensed, file a complaint with the licensing authority. If this doesn't get you your money back, you could file a small claims action in court, but that's more cumbersome.
Re: Deposit Refund
Act swiftly as a statute of limitation may preclude your recovery.
If the contract stipulates you are entitled to a refund, then you have a
basis for action. Usually earnest funds are not refundable, but again this
is a matter of your contract. An alternate way to handle this is to contact an
attorney who can skillfully draft a demand to be set upon the party owing you a refund.
A small claim may be filed with or without the assistance of an attorney. In a case like this
I would offer a demand letter for a moderate fee and provide assistance for you to file and proceed
with a small claim yourself.
G. Joseph Holthaus
(410) 799-9002
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