Q: We put down a good faith deposit of $3500.00 for a home in Bowie, MD. The sellers now refuse...
...to release our deposit back to us. We pulled out of the deal because repairs were not made to our satisfaction. What can be done to get our deposit back?
A: It depends on the terms of your contract. It isn't clear whether the contract you describe was contingent on inspection / repairs to your satisfaction or whether it was "as is." Either way, it is important to carefully review the specific document you signed - if that document gives you rights to get the deposit / earnest money back, then you could insist on compliance. The ease of getting the funds might depend on who holds the deposit. If a licensed realtor, they have a procedure for releasing the deposit. If the seller holds the deposit and wrongfully retains it when the contract says otherwise it may require legal intervention or court order.
A: It depends on the terms of your contract. It isn't clear whether the contract you describe was contingent on inspection / repairs to your satisfaction or whether it was "as is." Either way, it is important to carefully review the specific document you signed - if that document gives you rights to get the deposit / earnest money back, then you could insist on compliance. The ease of getting the funds might depend on who holds the deposit. If a licensed realtor, they have a procedure for releasing the deposit. If the seller holds the deposit and wrongfully retains it when the contract says otherwise it may require legal intervention or court order.
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