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Deposit Being Held |
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Dear Edith: Awhile back, I placed a deposit on a house, with a respected broker. I had arranged for financing, had necessary inspections, surveys, etc. completed at my expense - in short all of my ducks were in a row. In the contract it reads in part, that the deposit would be returned if this contract thereafter fails to close for any reason not the fault of the Buyer. Also, in the counter offer from the Seller, it is written 'The sale of this property is subject to the seller finding suitable property to purchase within 60 days of acceptance of this offer.’ The seller did not find suitable property and the house was taken off the market. I was told my deposit would not be returned. Edith, please explain why and how is this fair? Is this a case for small claims court against the broker? |
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From what you say, it isn’t fair. Perhaps there’s another side to this. Without knowing who told you the deposit wouldn’t be returned, or what reason they gave, I can only guess. Even when the buyer is entitled to a refund, though, a broker does not usually forward the money without a release from the seller, and perhaps that’s the holdup. What does your attorney say? Yes, small claims court is a simple and inexpensive way to get a judge’s opinion |
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Edith
Originally published on October 30, 2005 |
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