My husband and I signed a contract for a purchase of a house. Per our contract, we had 60 days to either be approved for a mortgage loan or to be denied one, or we would lose our deposit. The Seller, who is a Home Construction Company, offered us a discount if we used their mortgage company.
After 29 days we learned that we did not qualified because of length of employment (my husband and I own our business for less than 1 year).
However, they told us to file 2012 Tax Returns and re-apply, and that would be enough to qualify us. That put the whole process on hold for over 2 months. After we submitted our tax returns we applied again, and were not approved.
Now the seller does not want to give our deposit back, claiming too much time passed.
You entitlement to the return of the deposit will likely depend on the specific language of the sales contract that discusses this. While you have summarized your understanding of what that contractual provision means, the actual language of the document may contain nuances that impact your ability to recover the deposit.
I would suggest that you review the specific language with your attorney, and he or she can advise you on this.
2 lawyers agree
I agree with Ms. Esquivel. You should take your contract to a real estate lawyer to see if you have any rights to the return of your downpayment.
You might be able to sue the other side for a negligent misrepresentation or detrimental reliance.
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1 lawyer agrees
The terms of the contract will need to be reviewed in order to determine whether you can get your deposit back. You may have other claims against the construction company as well. I recommend that you consult with an attorney regarding the particulars of your situation. Many attorneys on here, including myself, offer free initial consultations.
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