Getting Your Deposit Back on a House You Don't Buy
With the decline in our real estate market, many people have been deciding not to go through with the purchase of a house or condo that they previously committed to buy. Property values have been plummeting so rapidly that frequently the value of a house is substantially lower by the closing date than it was when the purchase price was agreed upon. Rather than grossly overpay for a home, many people have been deciding not to go through with their purchase.
Factors Influencing a Buyer to Back Out
Declining property values aren't the only reason buyers choose to back out of a contract for a new home. Sometimes, other circumstances out of their control force them to reconsider their decision. Some of these factors include:
· Inability to obtain financing for the home
· The seller fails to uphold his end of the contract
· You discover structural problems with the home or condo that were not noticed in the initial inspection
Getting your Deposit Back
Many people assume that they will forfeit their deposit if they back out of the contract. However, this is not always the case. Considering the fact that many deposits can be tens or hundreds of thousands of dollars, it is worth consulting an experienced property rights attorney to see if you can get your money back.
The Federal Interstate Land Sales Full Disclosure Act requires land developers of condo or housing developments to present the buyer with an extensive property report before the contract is signed. The compliance laws for this act are very complex, and frequently property reports provided by the developer are not comprehensive enough to meet the standards of the law. An experienced attorney can help you go through this document to see if it provides you with a way to win your real estate deposit dispute.
You may also be able to recover your deposit if the homeowner or developer has:
· Made any material changes in the Declaration of Condominium
· Listed the deposit transaction as security
· Made material misstatements or omissions in relation to the development or its construction status
· Breached the terms of the contract
It is a good idea to require the seller to keep your deposit in an escrow account until the sale is finalized. This will greatly facilitate your ability to recover your money should a dispute arise. If the money is in an escrow account, the seller will not be able to access the funds until all of the stipulations of the contract are met. If your deposit is not in an escrow account, the seller may be able to spend a portion of the money before you actually close on the home, which would complicate your recovery process.
Related Tags: florida real estate deposit dispute, florida real estate deposit laws, florida real estate deposit lawyer, florida real estate deposit refund, florida real estate deposit return, florida real estate deposits, florida real estate dispute
If you are involved in a real estate deposit dispute in Florida, please contact the law offices of the Florida Property Rights Law Firm, P.A. today to schedule an initial consultation.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Tarlow Breed Hart & Rodgers P.c.'s "super Six"
BOSTON, MASS. As part of the Massachusetts Super Lawyers segment in its November 2008 issue, Bost - Orange, Fullerton and Costa Mesa California Restaurant Lawyer Pours Over the New Calorie Count Menu Law for California Restaurants
If you eat out for lunch or dinner anywhere in California, including Ventura, Murrieta, Anaheim, Sa - Revised-real Estate Investment Broker
REVISED-Real Estate Investment Broker Truly you can say a significant event in a person's life is t - Draft Tarp Bailout Forms for the $700 Billion Dollar Troubled Asset Relief Program
NEWS - SUGGESTED TARP BAILOUT FORMS ARE NOW AVAILABLE One of the first forms that Banking Lawyers a - California's Water Bank and the Drought in California - a California Water Law Attorney Conclusion - We're Dry Out Here
Here in the desert cities of Palm Springs, CA, Joshua Tree, Palm Desert, Cathedral City, Indian Wel - A Palm Desert & San Diego California Broadcast Lawyer Disrobes the Cbs Janet Jackson Super Bowl Halftime Wardrobe Malfunction Fine
In 2004 as people watched with great interest the Super Bowl halftime show in towns across America, - Coachella Valley & Imperial Valley Agricultural Attorney Looks at the New Country of Origin Labeling Law (cool) and How it Will be Applied
No matter where you live in California, whether it is in a farming or agricultural area or city suc - San Diego, Orange County & Palm Springs California Hotel, Restaurant & Bar Lawyer on the Risks of Serving Alcohol to Minors in Drinking Establishments
Every hotel, restaurant, bar and nightclub in California is warned repeatedly how dangerous it is t - California Food & Wine Attorney Analyzes the New Country of Origin Labeling Law (cool)
If you live anywhere in California, whether it is in farming areas such as the Central Valley, the - Is Your Business Up to Date With the Latest UK Competition Laws?
On 24th April some leading supermarkets were raided by the Office of Fair Trading after a tip-off b
Most viewed articles in this category:
- The Regulation of Investigatory Powers Act 2000 (RIPA) for Local Government
The Regulation of Investigatory Powers Act 2000 requires public authorities to establish a system of - The Fair Debt Collection Practices Act
Collection agencies - being the target of one can be an unpleasant experience. Nevertheless, that u - How to Prepare for an OSHA Investigation
I. Purpose and Application of OSHA1. History and Applicability of OSHAThe Occupational Safety & He - Are Social Networking Sites Violating Children's Online Privacy Protection Act?
Never before in our nation's history has a technological revolution skirted governmental regulation - The Modern Medical Office: Balancing Success, Technology, and HIPAA
The medical field has always depended on technology for improving patient care. Thanks to advances i - Earned Monopolies: Are They Really Bad? Re-Thinking Our Anti-Trust Laws
There are many types of Monopolies in Business, Commerce and Industry. Most of the Monopolies that w - Conduct your own background checks!!
Today, numerous companies conduct background checks, including several firms that offer their servic - Taxi 'Recap' - The Short Version; Part 2
"Our focus [is] on taxi operators who intend to exit the industry and...is certainly about ensuring - Ignoring ADA Could Cost Your Business a Bundle
The Americans with Disabilities Act is broken into titles. Title II is what is presently a great pro - Lawsuit Cash Advance
Automobile accidents are more and more common with the increasing number of vehicles on the road. In