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Old 06-21-2014, 04:03 PM   #1
jupers
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Backing out?????

I put a deposit passed ROFR but have not signed closing docs, something has come up and I am having second thoughts...is it too late? Do I lose my deposit?
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Old 06-21-2014, 04:44 PM   #2
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Originally Posted by jupers View Post
I put a deposit passed ROFR but have not signed closing docs, something has come up and I am having second thoughts...is it too late? Do I lose my deposit?
At a minimum, you will lose the deposit. It would be up to the seller, and maybe the broker, if they want to pursue additional legal action. You should reread your contract to see if there are penalties beyond the deposit.
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Old 06-21-2014, 04:57 PM   #3
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By Florida law you have 10 days from the date you signed the original purchase documents (not the closing docs) to back out without any penalties. Since you have passed ROFR it has probably been more than 10 days since you signed the purchase agreement. If so, then you will most likely lose your deposit if you back out now.

The exception would be if the sellers drag their feet and do not get their closing docs in by the deadline specified in your contract. If that happens you can walk away from the deal and get your deposit back. All of this should be spelled out in your purchase contract documents so look through them very carefully so you know what you agreed to when you signed them.
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Old 06-21-2014, 08:07 PM   #4
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Your only hope to keep get back the deposit is to ask nicely or look for a seller fault (I.e. they slow) as to why you don't want to continue.

However you should expect to loose the deposit.

NOTE: I backed out of a contract after sending deposit because the seller wanted to delay closing by 20 days because he had a trip planned on contract points that he did not mention in advance of listing. The points he was using were not said to be in sale. However I did not want to wait for him to take 1 more trip on points he could have gave me.
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Old 06-23-2014, 07:16 AM   #5
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By Florida law you have 10 days from the date you signed the original purchase documents (not the closing docs) to back out without any penalties. Since you have passed ROFR it has probably been more than 10 days since you signed the purchase agreement. If so, then you will most likely lose your deposit if you back out now.

The exception would be if the sellers drag their feet and do not get their closing docs in by the deadline specified in your contract. If that happens you can walk away from the deal and get your deposit back. All of this should be spelled out in your purchase contract documents so look through them very carefully so you know what you agreed to when you signed them.
Or 1 yr if the contract did not meet the required stipulations though it's likely that a contract from one used to working with DVC would be compliant.
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Old 06-23-2014, 11:15 AM   #6
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Had a small contract for sale twice. Never sold it. Had two buyers go all the way through ROFR and then backed out. I got half of the deposit and the selling company got the other half both times.

Technically, you should lose the deposit because the seller did work for you and you took the owner's points out of the market for over a month.

But in the end, if you will be out money you can't afford if you complete the sale, you are better off just losing the deposit.
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Old 06-23-2014, 12:00 PM   #7
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Had a small contract for sale twice. Never sold it. Had two buyers go all the way through ROFR and then backed out. I got half of the deposit and the selling company got the other half both times.

Technically, you should lose the deposit because the seller did work for you and you took the owner's points out of the market for over a month.

But in the end, if you will be out money you can't afford if you complete the sale, you are better off just losing the deposit.
Hmm, I'm surprised you only got 1/2 the deposit. That doesn't sound fair.
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Old 06-23-2014, 01:37 PM   #8
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Hmm, I'm surprised you only got 1/2 the deposit. That doesn't sound fair.
The broker gets their "commission" when the buyer backs out. It would be spelled out I. The seller's listing agreement with the broker. They buyer loses their entire deposit.
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Old 06-24-2014, 05:02 AM   #9
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Op here....Thankfully it is not an issue anymore and happily able to proceed with my purchase! Thank you for the info though I was always curious.
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APRIL '15 GVC; April '14 AKV; July '13 OKW
June '12-BCV and BLT; Jan '12-SSR; Oct 11-BWV; Jul '11-Offsite; '09-POR (family trip before Dad passed, best time ever); '07-POR & Wilderness Lodge; '03-Universal Hard Rock-(Wonderful, but not the same); '99-POFQ (Honeymoon-if I knew then...)'93-One Day from Tampa'84-CR'78-Poly
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