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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.

About the Author

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.

My business partners son has admitted under oath to stealing money from our company. What action can I take?

Currently in a civil suit with business partner (we are both 50/50)..during deposition and discovery the son admitted to stealing several thousands of dollars from the company. The partner did not fire the son, yet kept him on and he continued to get a salary and bonuses. Never informed me of the situation. Is there any type of action that I can take against the son? I recently contacted the local police and filled out paperwork, but according to the detective my partner doesn't want to press charges (as if that were a surprise) against his son. Therefore, he is suggesting I file a civil suit which I am currently going through. However, I don't want to see my partner's son get away with this. He committed a crime and should be punished. He has another job as a controller at a smaller company and could very well be doing the same thing there.

Your partner cannot take a unilateral decision against pressing charges. If his son stole from the COMPANY then it's the company that should decide whether to go ahead or not. If your partner normally has authority within the company to take these decisions then you can't override. Who's the CEO?

In any event, I don't believe you can personally sue his son in a civil suit as you aren't a victim to the theft, your company is. But it looks like your partner is agreeable to the company pressing ahead with action.

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