Binder Fee
I wrote a contract with a seller to purchase a 4 plex. He has had my money for over 4 months and keeps stalling about why we can't close. Ist it was he needed to close on another property first and then it was " I should know in a week." My financing has been approved for over 45 days. I told him 4 days ago that it was no deal and that I wanted my money back ($2000). How long legally does he have to return the money?
Thanks,
Tim
Did you have a contract? If not then did you give him cash? Terms of contract spell out when the money has to be returned. Sometimes we find some use for lawyers and realtors in transactions. They both can hold money in escrow- and can make sure it is paid out when the deal falls down.
Just an opinion
sarge
Yes we had a purchase contract and I gave him cash.
Tim,
Your purchase contract should have contained a specific date for closing. Did it?
If it did, once that date is reached and no closing occurs because of the seller's delaying tactics here, it would seem that the deal is dead. Presumably, your contract also contains a provision for return of down money. However, since you gave the money directly to the seller, good luck on getting it back.
There was no date on the contract for a close date. I had it written in the contract that if for any reason buyer (Me) wished return of funds seller must return funds to buyer. My broker has the contract so I am getting with her tomorrow to see all of the rest of the pertinent data.
Thanks,
TIm