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| Will I get my down payment back if I withdrawing from escrow? |
stiletto_5 |
06/08/05 |
I actually have 2 questions and they might be related I don't know, but any help I would greatly apreciated.
(1) The 1st question is I am almost done with buying a house and my 20% down payment is now in escrow. Because my wife doesn't want to be a part of the deal and it's just my own name on the transaction, she doen't want to sign the QUICKCLAIM form.
If I have to withdraw from escrow ( because there are other divorce court/alimony/support money reasons I can not afford), will I get my down payment money back, if any at all? My friend says the law lets the seller keep the deposit, but I should be able to get the down payment back. IS THIS TRUE though?
(2) The second question, if I do withdraw and cancel the entire escrow/purchasing house transaction, will this affect my credit history or score in any way? My same friend says it shouldn't because the deal has not been finalized and I don't have any mortgage, yet.
Any clarification on these matters I deeply thank you.
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Clarification/Follow-up by tarot10 on 06/09/05 4:42 am:
You really need to contact a REAL estate attorney in your area.
I consulted with a Real Estate attorney once who was recommended by my friends who represented them in suing the owner of their current home because she backed out of the deal. They won and the woman had to give up her house to them.
You might be dealing with breach of contract here, so please see a REAL ESTATE attorney.
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