the buyer just changed his mind & now wants the deposit back.
No written contact in escrow
, just a single page typed "Partial Property Payment Contract".
I can send you a copy. Or this is what it says.
"This contract is a legally binding agreement between buyer & seller"
I (buyer) agree to a $20,000 partial payment to (me) for the above properties mentioned. The $20,000 payment is only intended for the use of paying off the existing property lien of $19,000.
This payment is in good faith to allow (me) to pay off the existing lien & to get title in hand as to move forward with balance going into escrow for the remainder of the purchase. Total properties amount $130,000. Payment amount $20,000. Balance in escrow $110,000.
The balance of $110,000 will be paid through an escrow account. In the event we fall out of escrow due to unforeseen circumstances the partial payment of $20,000 will be returned in full within 30 days of ending escrow."
We both signed. We had a verbal agreement that if I could not produce title I would return deposit. Nothing was ever mentioned if buyer changed his mind or decided to pull out.