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???