Real Estate Closing and the Deposit – What to do after the deal falls through

SOUTH FLORIDA REAL ESTATE LAWYER

If an AS IS Contract for Purchase and Sale of Real Estate falls through, who is entitled to the deposit?  Often realtors send over a Release and Cancellation form, wanting the seller to simply release the deposit, when the buyer has breached the contract and not met their end of the bargain.

Issues such as non-approval by a Condominium Board or Homeowners Association, inspections and repair matters, denial of credit due to financing or the building not being FHA or approved, all arise and lead to the buyer wanting to cancel the contract.

The Real Estate Contract however calls for strict timelines as to when a buyer can cancel and how they are entitled to. There is also procedure in place as to how to communicate the buyer wishes to cancel and a timeline.

If the buyer does not follow proper procedure, they can simply forfeit their deposit and the seller would be entitled to it.

In my practice, I  represent both buyers and sellers and their attempts to go after deposits they feel are rightfully theirs.  A cursory review of the real estate contract however, may reveal that the buyer or seller did not do what they were required to, either by the lack of advice by their lender or title company and then they have forfeited the deposit or their right to pursue it.

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FL 33146

TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com