They were to build us a home on some land we found and put a deposit on. After 4 months they couldnot get a construction loan so we bought another home. They keep $3,000.00 of our deposit for there cost. I thought a deposit on a real estate was suopposed to be returned if not completed.
2006-09-12 09:17:16 · 3 answers · asked by Gary L 1 in Business & Finance ➔ Other - Business & Finance
always check what you sign. most times they can keep a portion of deposit but double check
2006-09-12 09:23:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Read your contract. Then contact an attorney to see if you have any rights to get the deposit back.
Common practice in my part of the country is for the buyer to get the construction loan, not the builder. If you failed to do that and that's what your contract stipulated then they're entitled to keep part of your deposit to cover their out-of-pocket expenses. It should all be spelled out in the contract.
2006-09-12 09:24:32 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You need to contact an attorney familiar with your local real estate and contractor laws. If anyone spent any time, such as they have an in house architect and engineer that was designing your house, then they are entitled for payment on work completed.
2006-09-12 09:23:17 · answer #3 · answered by sovereign_carrie 5 · 0⤊ 0⤋