Expert: Dick Dennis - 5/21/2008

Question
Last year I made a business in Orlando Florida.  I rented a house with the option to buy.  I gave a $6,000 deposit for the house.  We went to an attorney and agreed that If I do not buy a year after (this next July) I loose the deposit.  If the owner do not want to sell then I keep the money.  As the year approached we just learned that the owners are in a lawsuit against the goverment because the area used to be a practice area for the army and there could be mercury and bombs on the area.  People is getting very tough times in that area to re-finance and to sell.  Prices had  drop to more than half.   The investigator told me that I have the right to get my money back if I decide not to buy because of this.  The lawsuit started well after I got into the business.  What do you think about this?   I was told by the attorney that I do not qualify for the lawsuit since I am renting.

Thank you

Answer
What investigator, Hector? Based on what you told me, you should have done your investigation about the property and all its problems BEFORE you gave him the option to buy deposit. You should have done lots more investigation, too. I suggest you go to that attorney who made up the agreement and ask him how you can get your money back. I wouldn't be surprised that you do not get your money back because you should have know about the army practice area BEFORE you signed anything. I do wish you well.

Dick Dennis