DO YOU HAVE A RIGHT TO GET BACK
     YOUR CONDO EARNEST MONEY DEPOSIT?

   Find out before you walk away from
     TENS OF THOUSANDS
                          of Dollars!

One of the results of the current economic meltdown is a growing battle between the developers of condominiums and their buyers over substantial earnest money deposits (“EMDs”) that have been sitting for up to two years or more in escrow. These disputes arise because the deposits were put down BEFORE the mortgage market became dysfunctional and before the value of the buyers’ units plummeted below their 20-40% stated purchase prices. Additionally, the requirements regarding the percentage of units that must be pre-sold in order to get buyers federally insured financing have changed and tightened.

As might be expected, developers are very reluctant to agree to let buyers have their EMDs back, which may be many tens of thousands of dollars (typically 5% of the purchase price). They and their attorneys will tell buyers, often incorrectly, that they have no legal right to the return of their own money, along with the interest that has been earned on the EMD while sitting in escrow.

The truth is that you may well have a very strong legal basis, or several bases, to demand that your EMD be returned to you, along with the accrued interest, and even your attorneys’ fees. In order to know if you have such rights, you need to consult with an attorney experienced in reviewing condo purchase agreements, public offering statements, and related documents, and in negotiating with developers and their attorneys about EMDs.

We have successfully represented many buyers in several condo projects throughout Puget Sound in getting back their EMDs, either on a contingent fee (we only get paid if we get money for you) or on a straight hourly rate basis, or on a blended basis of the two methods.

For a free initial consultation, please give Steve Crane at Crane Dunham PLLC a call at 206-292-9090.