Legal Question in Real Estate Law in Pennsylvania
Refusal to Refund Earnest Deposit $
If a Buyer of a condo fails to
secure a mortgage commitment
due to not being able to�afford the
estimated mortgage payments, is
earnest deposit refundable? Seller
is refusing to refund earnest
deposit because they say that I can
secure a mortgage. But I simply
cannot afford to pay the morgage.
Do I have any rights to my
deposit? I have dealt with many,
many, many mortgage companies
all of which cannot provide me
with a mortgage I can afford to
pay. I was greatly mislead by
several mortgage companies and
promised an affordable mortgage
only to be let down by them all.
The purchase agreement says it is
contigent upon a mortgage
commitment or deposit can be
refunded to Buyer.
2 Answers from Attorneys
Re: Refusal to Refund Earnest Deposit $
You asked if you could get a purchase money deposit refunded due to circumstances.
It depends. The contract will govern.
Ask you sales agent to help you with this matter. Otherwise an attorney will need to review the exact language of the contract and your efforts to secure a mortgage.
Regards,
Roger Traversa
Re: Refusal to Refund Earnest Deposit $
Basically it comes down to your sales agreement...if you signed the standard sales agreement, handed out by most real estate agents, then you would have needed to check off mortgage contingency. In other words if your contract provided for this way out you would be ok, if it didn't you might be out some money.
Bottom line contact my office to have us help you get your money back. Because even if you are in the right here, without an attorney, you are looking at a fight.
Best of luck.
Sincerely,
Marc V. Taiani, Esquire
AAAL - Allegheny Attorneys At Law, PC
www.Alleghenyattorneys.com
412.731.0865 (Office)
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