What legal recourse do we have in getting back a construction contract deposit if we are unable to obtain finances?

Asked over 1 year ago - Hertford, NC

We have contacted our Builder with no resolution and no response to our emails and phone calls. It has been 2 weeks and the amount is over $10K which we are prepared to subtract any fees or plans involved in the process prior to the cancellation of the agreement. We just want our deposit back and the contract voided.

Attorney answers (2)

  1. Timothy Shawn Howard

    Contributor Level 12

    1

    Lawyer agrees

    Answered . If the contract provides that you are entitled to recover the builder's deposit if you cannot obtain financing, the builder should obviously be refunding your money. You should contact a local civil litigation attorney. A letter may be enough and, if not, he or she may be able to help you with filing suit. Feel free to call if you have any questions.

    T. Shawn Howard
    (919) 480-8526
    www.maginnislaw.com

    The information provided should not be considered legal advice and does not create an attorney client relationship.... more
  2. Mark Tristram Coffin

    Contributor Level 8

    1

    Lawyer agrees

    Answered . Your question is difficult to answer without seeing the written contract between you and your builder - assuming you have one. You may have bigger problems than just forfeiture of the deposit. If the builder has a claim for breach of contract against you, it may seek to recover its net profit from this project, plus any available contractual damages. See a construction attorney in your state as soon as possible.

    This response is intended to provide general legal information rather than specific legal advice, and does not... more

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