Video Summary

The short answer is that whether or not your deposit is refundable depends on the terms of the contract. Hopefully your contract was prepared by a realtor or attorney.
Often real estate contracts contain terms stating under which conditions the deposit can be refunded. One such condition is called a “financing contingency” and allows for refund of the deposit is the potential buyer is unable to secure financing and provides appropriate documentation. A condition may also state that depends on the inspection of the property or in case of damage, a deposit may be refunded.
Additionally, condominium purchases may contain a different set of rules regarding the deposit. A contract to buy a condo may allow for the potential buyer to cancel the contract with a refund upon receipt of the documents pertaining to the condominium association.

 

Video Summary


There are standard residential real estate contracts approved for use by the Florida Associator of Realtors, but it is not recommended that a person undertake to complete such document himself. The documents require much information to be filled in and several decisions to be made regarding the terms of the contract. Generally, a contract is prepared by a realtor or an attorney. The preparer may be working in behalf of either the buying or selling party.

If you would like assistance in preparing a real estate contract, please contact Waller & Mitchell at (727) 847-2288.

Buying a Home Video Index