can i get the deposit back when i don"t do the closing on Condo conversion?

Question

I have a deposit on a purchase of condo conversion apartment if I can't close on this apartment can i lose the deposit?

Answer 1

USUALLY, most real estate transactions are contingent upon successful financing and inspections.

That means, if you don't purchase the real estate because
1) you couldn't get the financing
2) serious flaw was discovered in inspections

You can get out of the deal and you get your deposit back. Otherwise, the deposit is there so that you don't arbitrary try to get out of the deal, so you will lose it, if you just change your mind.