Help, Can I Keep The Deposit?
I am a newbie so bear with me. I received a $500.00 deposit to remove my house off the market. I gave them a receipt on a (money or rent receipt) booklet; however I did not write down how long I would be keeping the house off the market. I did tell them that I would'nt market the house for two weeks while they had the paperwork reviewed by an attorney, roof inspected and made up their mind. Two weeks later they were still undecided and had'nt done the roof inspection; therefore I started marketing my property again. Now, a month later they are asking for their $500 back because I started marketing the house again. They are threating to sue if I do not give them the $500 back. Am I obligated to give them the money back? Please help with advice.
Thanks, :-?
Sounds like very vague agreement. It would be hard to argue. Their word against your word.
USUALLY a written offer is made which clearly spells out any contingencies, due diligence / inspection periods, etc.
You may want to consult an attorney, but I'm afraid the vagueness of your agreement will hurt you.
If you want to sell your house, then there has to be a contract in writing that you and the buyers sign. If you don't have a written, signed contract then the "deal" probably won't be binding and enforceable.
I agree with 64Ford that you should talk with an attorney. I suspect that the attorney will tell you to return the money and to be sure to get the next buyer to sign a contract for the purchase of the property.