Q: Does the seller get to keep deposit from the buyer. If buy if denied the loan for the house..
My daughter had signed a contract to buy a house with me as a co-signer, however do to family medical issues.I was not able to co-sign. Her real state agent, was telling her "that she needed to pay for a home inspection in order to terminate the contract. even after my daughter had already given her $1000.00 down for deposit in good faith. Yet, knowing that she could not qualified on her own. She even told my daughter that she new of an inspector to falsified the inspection so that it would not go through. She then emailed a document had me sign a co-sign release and had the loan company type a letter of disqualifying my daughter for the loan. Now she will not refund my 1000.00 deposit and awarded it to the seller. My question is "Is rightful by law in PA., that seller gets to keep the deposit given in good faith from my daughter. After she did not meet the quilting requirements for the loan. Is this agent acting in accordance to the law.
A: Probably, but why didn't you ask this question in Justia › Ask a Lawyer › Pennsylvania › Real Estate Law › ?
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