What is the name of your state? Ohio.
My Father, who is from another state, wants to buy a condo. With the help of a real estate agent, he found one he liked, so he signed a Real Estate Purchase Agreement and put $1000.00 earnest money down to be held in escrow on October 20th, 2006. This agreement was supposed to be contigent on the results of an inspection paid for by the buyer, my Father. He was given a copy of the Condo Association bylaws and a copy of the signed agreement on October 22, 2006. The inspection was performed Nov. 1, 2006. The inspection found extensive repairs were required,including the roof and outside concrete work. In reading the Association Bylaws it states that this property is not a Condominium.
My Father asked out of the Agreement since he was only interested in purchasing a Condo due to his age and was sent a Release Authorization Form by the Realty and signed on Nov.9,2006. He was informed by the Realty that the seller did not want to return the Earnest Money Deposit. My Father can't move foward with anything else until he gets his deposit back. What can be done?
Thanks in advance.
My Father, who is from another state, wants to buy a condo. With the help of a real estate agent, he found one he liked, so he signed a Real Estate Purchase Agreement and put $1000.00 earnest money down to be held in escrow on October 20th, 2006. This agreement was supposed to be contigent on the results of an inspection paid for by the buyer, my Father. He was given a copy of the Condo Association bylaws and a copy of the signed agreement on October 22, 2006. The inspection was performed Nov. 1, 2006. The inspection found extensive repairs were required,including the roof and outside concrete work. In reading the Association Bylaws it states that this property is not a Condominium.
My Father asked out of the Agreement since he was only interested in purchasing a Condo due to his age and was sent a Release Authorization Form by the Realty and signed on Nov.9,2006. He was informed by the Realty that the seller did not want to return the Earnest Money Deposit. My Father can't move foward with anything else until he gets his deposit back. What can be done?
Thanks in advance.