I'm selling a condo to a 57 year old first time home buyer. After the inspection and response to the inspection, the buyer got cold feet and is afraid to take a mortgage (I received all the information in writing from his agent). Because he did not provide an allowable reason to terminate the contract (dissatisfaction with the home inspection, condo docs, etc.), can I either keep his earnest deposit or ask for reimbursement for my out of pocket costs (i.e. U&O, Condo docs, etc.)? Also, since he's made it clear he no longer wants the property and we're disputing the deposit, can my agent put the property back on the market?
2 Answers from Attorneys
Someone might like to read the documents prior to responding.
If there's a Realtor, the Realtor cannot just give you or the buyer the deposit. The Agreement of Sale is pretty clear about this. Talk to the agent. If it gets drawn out, consult with a local real estate lawyer.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
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