Have Real Estate Law Questions? Ask a Real Estate Lawyer. There is no clear answer to the question for the following reason. Ordinarily, if you make an agreement to purchase a house and do not put in any contingency for obtaining the loan, then you would be legally liable for damages if you could not complete the sale. In your situation, there is nothing that says in the agreement that the seller is entitled to keep the deposit if you default on the contract.
Without such a provision, the seller would have to prove the damages they suffered because you failed to purchase. They would not have the right to keep the deposit without satisfying a court that they have been damaged.
Home Buying: Are there legal precedents in Kansas for disputed Earnest Money dispersal? - Trulia Voices
Once you get away from the actual terms of the agreement which you may be able to do given the relationship between the parties, you may be able to satisfy a court that there was a clear understanding that your purchase agreement was contingent on financing. In summary, based on the contract you signed, you could be subject to damages that the seller could prove he suffered when you did not complete the sale.
However, there is no agreement that he can keep the deposit and not have to prove his damages in court. You would then get a trial on whether the loan contingency was understood.
All the options lead to a court trial to resolve the issue. This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. THere is no rule of law as to how much the owner can ask for as a damage deposit or earnest money.
In your situation it appears that your money was used as both, and neither of you had good professional advice on how how much money does quentin tarantino make word the contract.
You can sue for the return of your money in small claims court and the judge will listen to the facts and examine the documents that you both signed and then rule on if you get your money back or not. I rate your chances as about 70 favorable, because the law generally does not favor harsh forfeitures. I have answered your question. Please click on ACCEPT so that I will be compensated. Kansas earnest money laws for kansas earnest money laws and helpful responses are very appreciated.
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If you have additional questions, I would be happy to assist, but as a courtesy I respectfully XXXXX XXXXX you ACCEPT the answer to your first question before branching off into other new questions. Also, this answer does not major forex players an attorney client relationship and you are urged to consult a local attorney to verify the accuracy of this answer according to your state's laws and local customs and practice.
How to cheat binary option limit on your security deposit was 1 month to 1.
That is a basis for claiming an over can you make money with healthy vending machines on the security deposit but that does forex thinkorswim review alter the fact that you entered into the purchase contract and that brings into play the answer I gave you originally.
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Ask follow up questions if you need to. Rate the answer you receive. Ask Richard - Bizlaw Your Own Question. Richard - BizlawLawyer. Type Your Real Estate Law Question Here Richard - Bizlaw is online now. Home was for sale by owner and contract was very basic with no wording regarding the earnest money or financing.
Was the contract a firm commitment to buy the house without any contingency for getting a loan? Ask Your Own Real Estate Law Question. No contingency are in writing but seller knew we had to get a loan before we could buy as most people do.
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A little more history Owners asked us to sign a regular lease agreement with no mention of the rent to own In September we signed a purchase contract to try to buy the property before the lease expires and the end of this month. However, we could not obtain a loan due to some credit issues. Does he have the right to keep our money?
I've read and was told that they can only receive one months rent as deposit. Related Real Estate Law Questions. JustAnswer UK JustAnswer Germany JustAnswer Spanish JustAnswer Japan.