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Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 102506
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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I entered into an intent to sell with an individual to buy a

Customer Question

I entered into an intent to sell with an individual to buy a horse trailer We signed a form. However, there was no deposit given or received. I cancelled future viewings of the trailer based on this. The buyer communicated he was was having trouble securing financing. We contacted the parties on and we accepted a deposit on the trailer. The first buyer is now trying to sue us for a breech
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ely replied 2 years ago.
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I am sorry to hear about this situation. Can you please tell me if the form stated anything about buyer securing financing at all? This is important.
(Some contracts allow a buyer to walk away if they cannot secure financing after a diligent attempt to do so. I want to know if the form had this clause, or not.)
This is not an answer, but an Information Request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 2 years ago.
The form does not indicate anything about securing financing
Expert:  Ely replied 2 years ago.
Thank you.
Okay, then someone in your situation may be able to argue anticipatory repudiation. See here.
This essentially states that "yes, I backed out and sold it to someone else, but only after a clear indication that you were not going to perform (i.e. pay me money as agreed), so I reasonably considered this as you stating that you were not going to perform (pay money) and were backing out."
Whether or not them simply stating "we are having trouble" constitutes anticipatory repudiation is on a case by case basis and is up to the Court.
Let me know if you need a sample ANSWER template for the suit.
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