California  |  Real Estate Law

Legal Question

Asked on: 10/02/13, 4:40 pm

We have an agent representing both the seller and the buyer. I went into contract to buy seller financed land on June 21st. I put down a 14k deposit and removed all of the contingencies on Aug 14th. Then, I found out from the agent that the sellers cant find their 10% partner to sign off on the deal and that they had hired an investigator to find the partner. About 2 weeks ago, I got an email from the agent saying that they cant find the partner and that we can either wait or we can cancel the deal without penalty to the seller since they cant find the partner. I decided to wait and see what happens. Now its 2 weeks later and they still havent found the partner so i told the agent that I would like to cancel the deal. She responded back saying that if we cancel the deal, the seller will be seeking the 14k deposit for damages. Can they do this?

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