we r buyers in CA, entered into a purchase agreemnt but cancelled it within 17 Ds contingency. Sellers refused to sign release of deposit, W can we do
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we r buyers in CA, entered into a purchase agreemnt but cancelled it within 17 Ds contingency. Sellers refused to sign release of deposit, W can we do
Asked on May 30, 2009 under Real Estate Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You need to send a certified letter to the sellers making request for return of the deposit; make sure to reference the 17 day contingency period. In the letter, you should also mention that you will take legal action if necessary. Give the sellers a time frame in which to return the money - 24, 48, 72 hours or such from the time he receives it. If you don't get the deposit returned in the time frame given then I'm afraid that you will probably have to sue. Possibly just receiving a phone call from your lawyer will intimidate them but don't count in it.
Best of luck.
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