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    micpau's Avatar
    micpau Posts: 2, Reputation: 1
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    #1

    Feb 15, 2007, 06:03 PM
    Release of deposit
    What is the maximum allowed time for the seller to sign a release of deposit on a failed sale in Florida
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Feb 15, 2007, 08:47 PM
    Hello m:

    You're going to have to go into a little more detail than that. For starters, the seller doesn't have to give back the deposit on a failed sale. That's why a buyer gives a deposit - to protect the seller in case the sale fails.

    excon
    micpau's Avatar
    micpau Posts: 2, Reputation: 1
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    #3

    Feb 16, 2007, 03:40 AM
    Long story but seller will sign release but would like to take the maximum days, buyer strung out seller for two months now wants his release signed pronto
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Feb 16, 2007, 06:15 AM
    Since the seller is supposed to keep the deposit, then there is no time limit. If the seller has agreed to return the deposit for whatever reason, then they can agree on a time frame.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #5

    Feb 16, 2007, 06:32 AM
    The seller isn't always entitled to keep the deposit. For example the buyer may not have been able to obtain financing and the contract may have had a contingency for financing.

    If I were in your position I would send a letter to the seller stating that they have agreed to return the deposit but have not done so yet. Then say that if they have not returned the deposit within the next 10 says then you will be forced to explore your legal remedies. If they still haven't returned the deposit after the 10 days is up then you should file a lawsuit.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #6

    Feb 16, 2007, 07:02 AM
    Oops. I just realized that the OP may be the seller rather than the buyer. Micpau, if you are the seller and if you are obligated to return the deposit according to the contract then I suggest that you not wait too long. If the buyer sues you could be held responsible for the buyer's deposit, court costs, legal fees and interest on the deposit as well. I understand the desire to make the buyer wait since they made you wait but unfortunately that isn't a valid defense when a judge is asking you why you haven't given them back the deposit yet.
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