My question involves real estate located in the State of: Florida
I made an offer on a house and deposited $10K as earnest money with the title company.
The offer was submitted via a standard Florida Realtors "AS IS Residential Contract for Sale and Purchase".
https://myfloridaquest.com/wp-conten...-Rev-04_17.pdf
Box Section 8(b) was selected stating: "This Contract is contingent upon Buyer obtaining approval of a conventional loan within 30 days after Effective Date.
Financing was not obtained at the end. The sale fell through as I would not accept the final terms offered on the loan on the day of closing. Seller requested an explanation and I stated that the interest rate offered at the end was substantially higher then in the initial loan offer during the pre-approval process and therefore not acceptable. The sale was was extended 3 times due to delays in roof repairs so there was a time period of about 5 months between the acceptance of the offer and the final sale date.
Title company will not release earnest deposit unless seller signs a Release and Cancellation of contract.
Seller has not signed and it has been 5 weeks since my agent submitted the form to the sellers agent. Seller's agent stated she has not been able to reach seller and neither have my own attempts. I do know he is around since when I called his work number the receptionist stated each time that he was in the office but not available.
Under section 16(b) of the contract, Dispute Resolution, it states buyer and seller are to settle disputes through court-appointed mediators. But it also states that injunctive relieve may be sought without complying with 16(b).
Under 17 it states that each party is responsible for their own attorney's fees and that the mediation cost will be split equally between the parties.
Questions:
1. How much longer should I wait before filing an injunction or going to mediation? (depending on point 2 below)
1. Do I need to file an injunction before going to a mediator? Or can I just engage a certified mediator with real estate experience without having it court appointed?
2. What are the reasons seller could argue for not returning the earnest deposit?
I made an offer on a house and deposited $10K as earnest money with the title company.
The offer was submitted via a standard Florida Realtors "AS IS Residential Contract for Sale and Purchase".
https://myfloridaquest.com/wp-conten...-Rev-04_17.pdf
Box Section 8(b) was selected stating: "This Contract is contingent upon Buyer obtaining approval of a conventional loan within 30 days after Effective Date.
Financing was not obtained at the end. The sale fell through as I would not accept the final terms offered on the loan on the day of closing. Seller requested an explanation and I stated that the interest rate offered at the end was substantially higher then in the initial loan offer during the pre-approval process and therefore not acceptable. The sale was was extended 3 times due to delays in roof repairs so there was a time period of about 5 months between the acceptance of the offer and the final sale date.
Title company will not release earnest deposit unless seller signs a Release and Cancellation of contract.
Seller has not signed and it has been 5 weeks since my agent submitted the form to the sellers agent. Seller's agent stated she has not been able to reach seller and neither have my own attempts. I do know he is around since when I called his work number the receptionist stated each time that he was in the office but not available.
Under section 16(b) of the contract, Dispute Resolution, it states buyer and seller are to settle disputes through court-appointed mediators. But it also states that injunctive relieve may be sought without complying with 16(b).
Under 17 it states that each party is responsible for their own attorney's fees and that the mediation cost will be split equally between the parties.
Questions:
1. How much longer should I wait before filing an injunction or going to mediation? (depending on point 2 below)
1. Do I need to file an injunction before going to a mediator? Or can I just engage a certified mediator with real estate experience without having it court appointed?
2. What are the reasons seller could argue for not returning the earnest deposit?
Purchase Contracts: Earnest Money Release from Seller in Florida
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