Legal Question in Business Law in Alaska

I sold an RV, both buyer and seller sign a bill of sale, took a small deposit, I held it for a full week for payment balance. buyer failed to return on due date. buyer called 2 days after due date and said unable to complete transaction and wants the deposit back, is that fair?

Asked on 7/10/12, 7:08 am

1 Answer from Attorneys

Terrence Thorgaard Thorgaard Law Firm

I wouldn't give the deposit back. What did the buyer think the deposit was for? Normally a deposit is to protect the seller from exactly what happened: the buyer being unable or unwilling to complete the sale, and the resulting loss of opportunity for the seller to sell, while the RV was out of the market.

You shouldn't have signed a bill of sale, however, until the full purchase price was received and you were ready to deliver possession to the buyer. Instead, the parties should have signed a contract to sell. You still have the RV, right?

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Answered on 7/10/12, 4:32 pm

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