Thank you for choosing Just Answer. My name is XXXXX XXXXX X will assist you today. You can cancel the contract, for all practical purposes the contract has already been breached by the buyer and you are not required to complete the sale.
Unless the contract reads otherwise you may be entitled to keep the funds escrowed for the purchase. ( Note some contracts indicate that if financing cannot be completed the contract becomes null and void and escrow funds are to be returned to the buyer).
Your realtor should be able to explain what your rights are with respect to the escrowed money.
Please accept my answer with a rating of 3 or better so I may get credit for my response. If you have follow up questions please ask. Please note that paying the deposit does not cause funds to be disbursed until you rate my response (3 or greater).
Contract states all parties will use mediation or arbitration for any disputes. Do they have any grounds on taking us to either of those? We already released their deposit back to them.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).