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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 27228
Experience:  JA Mentor
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Was under contract on my home and needed to respond to

Customer Question

Was under contract on my home and needed to respond to inspection reports by june 2nd, I responded on June 1st verbally to agent on the same day she sent a release. Can I keep her deposit?
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 4 months ago.


I'm Lucy, and I'd be happy to answer your questions today.

Usually, when a buyer backs out of a sale of real estate, the seller is allowed to keep the deposit in order to compensate them for their damages. Take a look at your contract. What it should say is that the buyer can cancel after receiving the inspection report, and your sole recourse is to keep the deposit. Make sure it doesn't say you have to give the money back, but these contracts usually let the buyer keep it.

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

Expert:  Lucy, Esq. replied 4 months ago.

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