Expert: Karyn Foley - 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
I am sorry, but the facts are very confusing.  If you have the contract for the option money, then a real estate attorney should or could make certain that your deposit is returned.  With reference to any lawsuit about other aspects of the home, the owner is the only one with vested interest and not a renter.  That is an opinion, as I am not an attorney, I cannot give you legal advice.  If you do not trust one attorney's statement, then contact a second real estate attorney.  Be happy if you are able to get your deposit back, and then put it behind you and find another property in an area that has a better resale value in the future.  You should always consider resale even when you purchase.