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Jonesy9859
Oct 23, 2013, 12:49 PM
I was signed to purchase a property and paid my down payment 30K. I was unable to get the loan do to the property not being substantially complete (a Fannie May and Freddy Mac rule). So I could not by the place due to not being able to obtain the loan. The developer has refused to release the deposit sighting me as being out of contract. Am I able to file a lien in the state of MA on the said property?

joypulv
Oct 23, 2013, 03:08 PM
It depends on the wording of the contract. The seller says you missed the deadline. Did you not have a lawyer? Is there no date by which you must get a mortgage or get a mortgage denial, or you forfeit your deposit?

I knew someone who wanted to keep a large deposit and the buyers had a lawyer who basically strong armed him into giving it back. Consult a lawyer TOMORROW.

A lien would not be the right process. You sue in civil court.

ScottGem
Oct 23, 2013, 03:25 PM
As Joy said you need to read your contract. Very likely it says that you have to obtain financing by a certain date or you forfeit your deposit.

On the other hand, if they had promised the property would be complete in time, they might be the one who caused the breach. So you read the contract carefully or take it to a lawyer to read.

LisaB4657
Oct 23, 2013, 04:09 PM
I've never seen a builder successfully retain a deposit when the buyer couldn't get the mortgage. But you can't put a lien on the property until you've sued the builder and won a judgment. Contact an attorney immediately.

AK lawyer
Oct 23, 2013, 04:18 PM
Other than a judgment lien (which you could perfect after you sued the seller and obtained a judgment), the only other type of lien which comes anywhere close to applying would be a lis pendens. The problem with that is that you are not suing to perfect an interest in the property; you want your deposit back. So no, it doesn't appear to me that you can file a lien at this point.