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Question

I have been in an accepted offer since March to puchase my lake front propert and supper club, we did our last ammendnet On July 3rd all of the contiguncies are met, the appraisal was ordered by the bank and now one the buyers wants to back out can they legally do this, I have made oher commitment The appraisal is well abouve the asking price

Submitted: 594 days and 16 hours ago.
Category: Real Estate Law
Value: $40
Status: AWAITING CUSTOMER ACTION

Answer

If your buyer wants to back out, they have to forfeit the deposit. You could also sue them for breach of contract, if you can't find another buyer.

I could write a much longer response but that's the long and short of it: a buyer forfeits his deposit if he backs out for any reason except a problem with the property itself.

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Expert: InsuranceLawyer
Pos. Feedback: 100.0 %
Accepts: 257
Answered: 7/25/2008

Lawyer

Twenty-six years of litigation experience including many contract cases.

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