Q: How do I get my deposit back on a contract for an investment property?
I signed a contract on an investment property in Niagara Falls, NY. One of the tenants moved out, and squatters moved in. The property, therefore, is not in the same condition as when I signed the contract. I do not wish to close on the property and would like to get my $ 2,500 deposit back. The seller refuses the return the deposit for a breach of contract. Does the seller have the right to hold my deposit? Please help. Thank you.
A: Since the amount in question is likely within the jurisdictional limit you may want to consider Small Claims Court.
A: Most likely your contract states that the premises will be free of tenants (which includes squatters), you do not have to close if there are people in the unit and the Seller must get them out before transferring the property to you. If the Seller cannot do that by the time the contract says he must close by then you do not have to close and should be given your deposit back.
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