How can I get my deposit back if the seller won’t signa cancellation letter?

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How can I get my deposit back if the seller won’t signa cancellation letter?

FHA approval for the condo did not go through by the date of the contract. I did not extend and now the seller hasn’t signed the cancellation so I can get my $2000 deposit back. When this whole process stared 2 months ago, my mortgage broker said it would all be solved by the date of the contract. I had to extend twice and the FHA approval still didn’t come through. What are my options in this?

Asked on August 6, 2011 Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am sorry about all of this.  It must be adding salt to the wound, so to speak.  One would really have to read the contract that you signed to see what it says about the return of the deposit.  How the contract is worded is key.  Is the contract contingent upon approval (I am sure) and were you obligated to pursue it for a certain time frame and what the conditions for return of the deposit are in the agreement.  I am sure that as long as you did nothing to prevent approval you would probably get the money back.  You may need help here from an attorney if for nothing else but to contact the seller about the money.  Pay a flat rate fee for the letter.  Good luck.


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