Q: Seller refuses to release earnest money deposit. Wants to split the 5k. I think is unfair. I offered 1k but wants half.
I have a standard FL Real Estate contract that was executed on 12/06 . Closing date was 1/19 but due to some delays by the condo assc. providing some updated docs and by lender. I had to ask seller for extensions. Seller was at all time informed and in contact with lenders as well. Last ext. expired on 1/19. Sent a new one but seller didn't sign or respond but instead kept emailing lender. Delays at first were due to the condo's legal name & not having any reserves. Lender was able to get around by asking more down which I proof to seller I had w/ bank statements. On 1/31 Lender informed us that it was unlikely it would get approved due to insufficient project insurance. Seller got upset and wanted to blame it on the fact that I was getting a second mortg. that I did not disclosed which it was refuted by an email sent by lender. Money from 2nd Mortg was disclosed as cash at closing as I have a friend ready to provide me the money if 2nd Morgt money from City did not come thru at close
A: I suggest that you speak with a real estate attorney in your area. The real estate contract should govern the result here. However this type of situation will turn upon small details of dates and times. You need a lawyer who can read the signed contract and related emails and then Give you an opinion.
1 user found this answer helpful
A:
Your scenario started out sounding pretty good, but the 2nd mortgage could be your downfall.
There is caselaw in Florida that says the terms of the contract cannot be unilaterally changed. You cannot even go from mortgage to cash without the seller approving the change.
A real estate attorney near you needs to take a look at the contract, extensions and listen to your story before any advice could be given to you.
1 user found this answer helpful
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