Legal Question in Real Estate Law in California
We put a deposit down on a house in ca and signed contracts. Escrow never opened and we had to cancel. Can the builder keep our deposit?
Asked on 11/21/14, 1:39 pm
1 Answer from Attorneys
That depends on why the escrow never opened and the purchase was cancelled. It also depends on what the contract may have said about liquidated damages, i.e., whether it said the deposit would be liquidated damages or if the non-breaching party has to sue for actual damages.
Answered on 11/21/14, 2:01 pm
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