Can I get my deposit back?

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Can I get my deposit back?

I was trying to buy a house in New York and put down a 500 deposit. My cosigner
backed out and was no longer able to assit me so I could no longer get my loan.
The bank refused to give me a letter of denial because they never started any
paperwork. I signed a contract that i would buy the house however the deposit
money would come back to me if I was unable to get the funds for the house. Is
there any way i can get my money back?

Asked on August 28, 2017 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You will have to apply for loans in your name and, if you can't get them, use that (the denial) as a basis to terminate the contract without penalty and get your money back under the mortgage- or finance-related contingency you describe. Only if you show compliance with a contract provision allowing you out of the loan can you get out without penalty.


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