Posted by BillOhio on August 29, 2003 at 17:44:27:
Ed,
It was a standard Real Estate Contract. I guess the verbage is up to intrepretation. The Realtor is still holding the deposit but the Seller’s attorney is demanding the deposit be forwarded to the Seller.
SECURITY DEPOSIT IN LIMBO - Posted by BillOhio
Posted by BillOhio on August 29, 2003 at 11:31:25:
John, I made an offer on a small commercial property, in Dayton, Ohio it had been a bar but since has been closed. I was going to use the building for a small office and storage.
The offer was $14,000…I put $5,000 up for security deposit, then later find out that I cant get an occupancy permit because of a change in use of zoning. Now the city is requiring new inspections and on and on and on…which economically would not make the building feasible at all.
The question is the seller is demanding that the security deposit be turned over to him, that I breached the contract, getting a occupancy permit has nothing to do with the sale???
Re: SECURITY DEPOSIT - Posted by Ed Copp
Posted by Ed Copp on August 29, 2003 at 13:47:44:
is probably the wrong term.
It sounds to me like your $5,000 was earnest money on a purchase offer. You did not say if your offer was to buy or lease.
If you made a purchase offer the offer should have contained language addressing the use issue ESPECIALLY IN DAYTON OHIO.
There is no way that money of any amount should have been turned over to the seller until the use approval was confirmed. I would suggest getting a lawyer to at least advise you on your contract immidiately.