Florida 72 hour law

[Max Miles]

What is the name of your state? Florida
Can anyone tell me if there is a law in Florida regarding opting out of a real estate deal as long as 72 hours have not passed? There are Builders down here that keep deposits even if buyer changes their mind in less than 72 hours to not go through with a real estate purchase. What law is it sepcifically and where can I go to get a print of it? Thanks..

[LindaP777]

Are you referring to the law pertaining to door to door (high pressure sales) that allow you right to rescind within 72 hours? Unless the builder came knocking on your door, I don't think it would apply.
Others from Florida may know what law you are talking about, so hold on.

[Gail in Georgia]

What you are describing is an "earnest money" deposit; a good faith deposit that indicates you are interested in purchasing the property and have every intention of doing so.

Read the contract you signed when you made your bid for this property; it should list the circumstances that the earnest money can be returned to the buyer.

Earnest money is typically returned when something about the sale did not go through; for example, the buyer and seller cannot come to terms on the amount to be paid for the property, the property did not pass an inspection (if the stipulation that one be required before closing is included in the bid), that the buyer and seller could not come to an agreement on repair issues prior to the closing, etc..

It is not returned simply because the buyer happens to change their mind within 72 hours of putting the bid in. This is not justification for the earnest money being returned to the buyer which is why these builders are able to keep these deposits.

Gail

[CharlotteInvest]

There is a federal law that gives buyers or sellers the right to back out of contract within 3 days and saturdays are included. Some states allow 5 days but it is customary to have 3 days regardless. The 3 days is called the cooling off period. To ensure that the builder doesn't try to claim you didn't contact them you want to send them your request through certified mail. This will let them know that you mean business.

I have had agents try to keep my fund until i sent the notice via certified mail. You want to have a paper trail in case you have to take this matter to court.

[VeronicaLodge]

there is a federal law about this? can you provide the federal citation for that law>? thanks

[Zigner]

Originally Posted by VeronicaLodge

there is a federal law about this? can you provide the federal citation for that law>? thanks

Yes, I'd LOVE to see that law too

[Some Random Guy]

[url]http://www.ftc.gov/bcp/edu/pubs/consumer/products/pro03.shtm[/url]

Here is the law. Of course, its not exactly as advertised....

[CharlotteInvest]

Originally Posted by Some Random Guy

[url]http://www.ftc.gov/bcp/edu/pubs/consumer/products/pro03.shtm[/url]

Here is the law. Of course, its not exactly as advertised....

the law you brought up is for consumer law. call your states real estate commission to find out what it is for your state.

[VeronicaLodge]

you are the one that said there was a law, and you said it was federal, so there is no need to try and point me to my state law. if its federal my state law wouldnt be involved and since you brought it up and know about its existence, please tell us the citation!

[CharlotteInvest]

Originally Posted by VeronicaLodge

you are the one that said there was a law, and you said it was federal, so there is no need to try and point me to my state law. if its federal my state law wouldnt be involved and since you brought it up and know about its existence, please tell us the citation!

the only way state law wouldn't have apply is if you take the case to federal court, which they wouldn't hear since its something that state courts can handle. you seem to smart to act like you are.

[Zigner]

Originally Posted by CharlotteInvest

There is a federal law that gives buyers or sellers the right to back out of contract within 3 days and saturdays are included.

Charlotte -
You made a clear statement (quoted above). Please provide a citation, or retract your prior (inaccurate) statement.

[VeronicaLodge]

you are making no sense. you said there was a federal law, i asked for the citation to that law. i wasn't trying to discredit you or anything, I REALLY WANTED TO KNOW THE CITE. so please provide it.

[CharlotteInvest]

i am not an attorney do your own research i told you where to go.

[VeronicaLodge]

ive tried and can not find this federal law that doesnt exist. since you KNOW OF IT why cant you just give me the freaking citation????

[Zigner]

Originally Posted by VeronicaLodge

ive tried and can not find this federal law that doesnt exist. since you KNOW OF IT why cant you just give me the freaking citation????

Veronica -

We KNOW why she can't give a citation