How do I get my deposit back from the seller that we supposed to in the escrow?

Question

I was in the process of buying a resturant with a liqour license but the property had lots of water leakages and other problems that the health inspectors had pointed out. Since we had the lease, we tried to contact the landlord, but he refused to fix it and the seller also refused for fix it. We had told them that we would not make any settlement unless they fix the problem. While this commotion was going on, due to the lack of proper repairs, the resturant had flooded, and it was ordered to be closed by the health inspectors until everything was fixed and cleaned. However, the landlord refused to do anything and terminted the lease. Thus we are scheduled to get our security deposit for the lease back.The problems is, we had made a deposit of 10,000 dollars to the seller, (which really should have been in the earnest account), and now he is refusing to give it back to us claiming that it wasn't he's fault that the settlement wasn't made. What should do

Answer 1

I made the same mistake. I made a cash down payment on what looked like a great deal, and turned sour. Unfortunately, I didn't deposit the money into an escrow account, and so now I have to take the seller to court to get my money back. This has turned into an expensive lesson in why you should always use a law firm when making real estate transactions of this kind.

I recommend getting yourself a lawyer. At the very least, they can send a very official looking letter to the seller demanding your money back or you will sue.

Answer 2

He owes you the money.  Go get it.    In the future i want you to write on any check '100% refundable" on both the front and back before you hand it over.  Don't ever forget.