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Can I get my "non-refundable" deposit back where the seller refuses to renegotiate based on appraised value of a home.
Anonymous2 views2 answers
I signed a lease/purchase agreement with a sizeable down payment that was released to the sellers. The purchase/sale agreement (Tallahassee Bd. of Realtors form) states that the buyer may "void" the contract if the appraisal is less than the contract price and the price is not renegotiated. The subject property appraised for over $100k less than the contract price and the sellers will not agree to a sales price anywhere near the appraised value. Does my right to "void" the contract (vs. "terminate") entitle me to my deposit since as I understand "voiding" should put the parties back in their original positions before the contract?
Sarah Elizabeth MartelloTax LawyerGainesville, FL ·
Without knowing more about the contractual terms of the purchase agreement, I will stick to your primary question - would you be able to get your deposit back if the contract was void - opposed to terminated.
Generally speaking, yes. If I contract is determined to be void, it will be treated as if it was never legally executed. Alternatively, if the contract is merely terminated, then it will be construed as legally executed. Recovering your deposit in the latter scenario would come down to the terms and conditions in the contract.
Best of luck!
Without reading the entire contract, I cannot answer your question with any certainty. Generally, the right to void a contract means that you have the right to put things back as they were before the contract was signed. In your case that would mean that the deposit would be in your pocket rather than the seller's. However, to get a specific interpretation of your contract and to discuss the best way to proceed, you should consult an experienced real estate lawyer in your area.
