• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Deposit refund

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

N

neeko

Guest
Last year, around April, I was in the market to try to purchase a used travel trailer. I found a used trailer for sale by owner. I had given the owner a deposit of five thousand dollars, and told them that the purchase was contingent upon obtaining financing. I was turned down on three seperate attempts at financing by three seperate financial institutions. I contacted the owners and asked that my deposit be returned and they told me that they didn't have the money anymore, as they had already spent it on paying down their mortgage on the vehicle. I said i wanted it but the owner told me that they couldn't come up with it and that they would hold the paper on it for me. I declined as I had already decided not to purchase it at that point. To this day I have not heard back from them. I am wondering if I am indeed entitled to a return of my deposit or am I out of luck? In Florida.
Also, if I am entitled to it, do I need to go back to the county where they live or cn I go to the courthouse in my county?
 


I AM ALWAYS LIABLE

Senior Member
neeko said:
Last year, around April, I was in the market to try to purchase a used travel trailer. I found a used trailer for sale by owner. I had given the owner a deposit of five thousand dollars, and told them that the purchase was contingent upon obtaining financing. I was turned down on three seperate attempts at financing by three seperate financial institutions. I contacted the owners and asked that my deposit be returned and they told me that they didn't have the money anymore, as they had already spent it on paying down their mortgage on the vehicle. I said i wanted it but the owner told me that they couldn't come up with it and that they would hold the paper on it for me. I declined as I had already decided not to purchase it at that point. To this day I have not heard back from them. I am wondering if I am indeed entitled to a return of my deposit or am I out of luck? In Florida.
Also, if I am entitled to it, do I need to go back to the county where they live or cn I go to the courthouse in my county?
My response:

You are not entitled to a refund. Changing your mind does not cancel a bonifide contract.

You said that the purchase was contingent upon financing, and they offered you "private" financing. You refused.

Therefore, you breached the contract.

You will lose in court.

I would suggest that you ask if their offer of financing is still "on the table" - - otherwise, they have a good chance of winning a lawsuit against you for "breach of contract" and "specific performance" of that contract.

IAAL
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top