Submitted by Anonymous on Tue, 02/09/2010 - 13:18
Posted in
I signed the offer to purchase real estate (a condo) and gave a deposit. After further thought I decided I did not want to purchase the place. I did not sign the P&S because they did not include what was listed on the offer to purchase or what was uncovered during the inspection, there are leaks in the garage and the listing agent said the builder would fix it at no cost to the buyer or association however that was not in the P&S. Now my agent is telling me they might keep my deposit and I would have to hire an attorney to get my deposit back, is that true? My lender said they could not keep my deposit because I did not sign the P&S.
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Editor's Response
See this posting about the circumstances under which an Offer to Purchase can be a binding contract in MA.
However, you still have rights under that contract. The issue of whether you are entitled to your deposit back may depend on the language of the Offer to Purchase. For example, if you had an inspection contingency in the Offer to Purchase, that may entitle you to recover your deposit (depending on the specific language involved). You may want to consult a MA real estate attorney. She should be able to look at the Offer and tell you whether you can recover the deposit. Also, often a well-worded letter from an attorney will cause the sellers to cough up the money (and eliminate the need for litigation).