What is my legal recourse regarding real estate property. I’m trying to get money I provided in a good faith transaction.
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What is my legal recourse regarding real estate property. I’m trying to get money I provided in a good faith transaction.
I am seeking a refund on property that I intended to purchase in OK. I was told that I could not receive a refund until the property was sold to someone else – do I have legal recourse to seek my refund? The money was given in good faith that the property would be available for purchase in three months – it’s been two years since I signed the contract and provided good faith money.
Asked on June 16, 2009 under Real Estate Law, California
Answers:
J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
what you need to do is review the terms of the contract that was signed. If the contract stated that you were putting money down in consideration of a purchase on a piece of property and there was a specified amount of time (i.e. 3 months) than once that time period passed the money should have been refunded.
Of course if it was not so black and white you may have to make a better argument or not be entitled to the money until it sells although that kind of agreement is one I have not seen before as it does not seem fair.
You should review your contract than I would advise seeking a local attorneys help. Let them review the contract and at that point they can make the appropriate contact to get you your money back. You may in fact be entitled to interest on the money if held without due cause and was refused to be returned for 2 years. good luck
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