Massachusetts  |  Real Estate Law

Legal Question

Asked on: 6/02/09, 6:05 pm

Earnest Money Deposit

A buyer offered to purchase our property and put down 2000 deposit to bind the offer. The offer was initially rejected based on price. The offer was revised with the new price, accepted signed and initialed by all parties. The buyer had an inspection which resulted in issues. These issues were worked through and resolved/agreed. The respective attorneys were contacted to do the P&S agreement. One day later the buyers attorney contacted my attorney to tell them that the buyer had decided to back out because the ''wife had too many concerns''. Can the buyers back out, what recourse do I have, and should they get their deposit back. The P&S deadline is tomorrow at 5 p.m.

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