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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.

At the Law Offices of Jacqueline A. Salcines, PA, we have over 20 years experience assisting both real estate buyers and sellers with the negotiation of deposits and entitlement to them.  The most important step and first step is to make sure you are represented at closing and throughout the real estate transaction by an attorney.

If you have a real estate or earnest deposit issue on a real estate transaction, contact the Law Offices of Jacqueline A. Salcines, PA today at (305) 669-5280 to schedule your legal consultation.

The Law Offices of Jacqueline Salcines offers cost effective services designed to meet your individual needs and requirements. For strong legal representation, call us at (305) 669-5280 today! Attorney Jacqueline Salcines  has been handling all your real estate and business law needs  for over 20 years.

 Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

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

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AS IS RESIDENTIAL CONTRACT FOR SALE AND PURCHASE

SOUTH FLORIDA

REAL ESTATE LAWYER

An As Is Residential Contract for Sale and Purchase is a binding contract to sell or buy real property in Florida.  While different from other types of sale contracts, the AS IS residential contract protects the seller in many aspects.  The As Is refers to the fact that the buyer is taking the property as it is, that is, with any defects or problems it has at the time of entering into the As Is contract.  The seller is not required to make any repairs, or to make any credits to the buyer for any items of disrepair, open permits, or matters that appear on the property.  The buyer is not completely unprotected however.

A well drafted  As Is contract allows the buyer to inspect the property and then cancel if the seller is not agreeable to fixing something.  So the buyer can still opt out if he does not like what he sees or is getting, without losing his escrow deposit.

As Is contract carry a myriad of legal terms and deadlines that may be confusing or hard to understand for a layperson. And that is where we get involved.

At the Law Offices of Jacqueline Salcines, PA, attorney Jacqueline Salcines has been a practicing real estate law for over 18 years.  As a title agent, real estate lawyer, and realtor, as well as an accountant, attorney Jacqueline Salcines  is well versed in all aspects of the As Is Residential Contract.   Allow us to protect your interests, whether you are a buyer or a seller , we are here to help every step of the way, from contract to closing.  The first consultation is always free of charge. 

Call us today 305 669 5280

Visit us today at WWW.Salcineslaw.com or 

Email attorney Jacqueline Salcines directly at J.Salcines@salcineslaw.com

THE FIRST CONSULTATION IS ALWAYS FREE OF CHARGE.

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL: 305 | 669 | 5280
DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM
 
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