SOUTH FLORIDA REAL ESTATE LAWYER
If an AS IS Contract for Purchase and Sale of Real Estate falls through, who is entitled to the deposit? Often realtors send over a Release and Cancellation form, wanting the seller to simply release the deposit, when the buyer has breached the contract and not met their end of the bargain.
Issues such as non-approval by a Condominium Board or Homeowners Association, inspections and repair matters, denial of credit due to financing or the building not being FHA or approved, all arise and lead to the buyer wanting to cancel the contract.
The Real Estate Contract however calls for strict timelines as to when a buyer can cancel and how they are entitled to. There is also procedure in place as to how to communicate the buyer wishes to cancel and a timeline.
If the buyer does not follow proper procedure, they can simply forfeit their deposit and the seller would be entitled to it.
In my practice, I represent both buyers and sellers and their attempts to go after deposits they feel are rightfully theirs. A cursory review of the real estate contract however, may reveal that the buyer or seller did not do what they were required to, either by the lack of advice by their lender or title company and then they have forfeited the deposit or their right to pursue it.
At the Law Offices of Jacqueline A. Salcines, PA, we have over 20 years experience assisting both real estate buyers and sellers with the negotiation of deposits and entitlement to them. The most important step and first step is to make sure you are represented at closing and throughout the real estate transaction by an attorney.
If you have a real estate or earnest deposit issue on a real estate transaction, contact the Law Offices of Jacqueline A. Salcines, PA today at (305) 669-5280 to schedule your legal consultation.
The Law Offices of Jacqueline Salcines offers cost effective services designed to meet your individual needs and requirements. For strong legal representation, call us at (305) 669-5280 today! Attorney Jacqueline Salcines has been handling all your real estate and business law needs for over 20 years.
TRUST | COMMITMENT | RESULTS
JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
CORAL GABLES, FL 33146
TEL. 305 669 5280