Real Estate Law
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Good morning. I am Loren, a Florida licensed attorney, and I look forward to assisting you.
Does your contract contain a financing contingency which has not expired?
Thank you for the additional information. I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get.
If you are not able to close on the date specified in the contract, or agreed by the parties, then you will be in default (assuming the seller is not in default).
The deposit will be at risk of forfeit in that situation, as well as any other remedies for breach specified in the contract.
Often the contract will specify the forfeiture of the deposit is the limit of the buyer's liability. That is called "liquidated damages". Check the contract to see if that is the case for you.
I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.
Did you have further questions? Have I answered your question?
If it does not close then none of the closing charges would be assessed. The only other potential damages of any substantive amount are if the seller is forced to sell to another party for less and decides to come after you for the difference.
However, that is a very rare occurrence in residential contract actions. In the vast majority of cases the seller takes the earnest money and that is the end of it.
Make sure to get a release form the seller if you release the earnest money to them to cut off further liability.
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