Legal Question in Real Estate Law in Maryland

After we met all inspection contingencies (every document signed by both parties, buyer and seller), our "buyer" wants to opt out of the on tract. they left a deposit of $10,000 with our real estate company. I have been trying to find out the likelihood of our being able to keep that deposit. I also read on another site, "The sellers also have the option of suing for �specific performance,�" These "buyers have put us through hell and now just weeks before settlement, want to back out. We can't let that happen, as we are moving due to job change, have moved most of our goods, have put thousands of dollars into complying with their very detailed and excessive inspector report. But we did it all in good faith. I can see no cause for them to legally get out of the contract, but wonder if our realtors will go to bat for us. what is our recourse? Thanks in advance.

Asked on 7/12/14, 6:44 pm

1 Answer from Attorneys

Thomas Valkenet Young & Valkenet

Every buyer can elect to breach. The only question is "at what cost?" You can keep the deposit, or you may now be in a position to sue for specific performance based on what is called "anticipatory breach." You are in a difficult position if you do nothing until after settlement, because Maryland rarely compels someone to purchase after a settlement date has passed. The will likely lose their financing. Bottom line-- someone needs to read your contract and walk you through this. We have several Maryland escrow deposit cases in the office, and each is slightly different.

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Answered on 7/14/14, 5:40 am

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