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qliu

Could I get my deposit back? Any penalties?

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Could I get my deposit back? Any penalties?

 

i’m in California and plan to purchase a condo, the normal closing escrow time is 45days, but for some reason my agent want to to shorten it to 30days because of the requirements from the seller, the loan contingency date and inspection date are both shortened.  If I can’t get my loan in time and the seller decided to cancel the contract, could I get my 3% deposit back? Any penalties on me? Thank you.

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6 hours ago, qliu said:

but for some reason my agent want to to shorten it to 30days because of the requirements from the seller, the loan contingency date and inspection date are both shortened.

 

So...is it "for some reason" (which implies you don't know the reason) or is it for the reason mentioned?

 

 

6 hours ago, qliu said:

If I can’t get my loan in time and the seller decided to cancel the contract, could I get my 3% deposit back? Any penalties on me?

 

This is governed entirely by the contract between you and the seller.  If you want particular provisions, discuss with your agent and make sure they are included in the offer you make.

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Sorry, I did not make it clear to you. I want to change the way to ask this question, in what kind of situations will I lose my deposit after opening escrow? I’m the buyer. Thank you very much!

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22 minutes ago, qliu said:

Sorry, I did not make it clear to you. I want to change the way to ask this question, in what kind of situations will I lose my deposit after opening escrow? I’m the buyer. Thank you very much!

The answer is the same: it all depends on your contract, which we have not read.  There is no law that says, "A buyer loses his or her deposit if ---------".

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4 hours ago, qliu said:

in what kind of situations will I lose my deposit after opening escrow?

 

I don't care to create hypothetical situations under which this might happen.  It all depends on how the contract is written.  You need to make sure the contract is written such that, under particular circumstances, you get your deposit back.  Keep in mind, however, that there would be no point in giving a deposit if you got it back no matter what.

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