Legal Question in Real Estate Law in Georgia

Selling a house

I had a house up for sale. A man wanted to buy it and put $500 ernest money down. I drew up a peice of paper for the ernest money. There was no contract on the house. He then tried to get a loan for the house and was having problems finding a bank. This went on for 5 weeks. I had another person aproach me with cash. So I took it. On the six week the other man said he found some on to loan him the money. Now he wants his ernest money back. He was very unpredictable as far as a loan and I did hold the house for him for 5 weeks. Does he have a case?


Asked on 10/25/07, 1:50 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Selling a house

Without going into everything wrong with these proposed transactions, the question is why you believe you have a right to keep the earnest money? Did you have an agreement that provides it was nonrefundable if the buyer was "unpredictable?" Or, it somehow became nonrefundable if he didn't get a loan for 5 weeks? You don't tell us what the "piece of paper" (whatever that is) says, but you don't provide any basis to keep the money if you chose to sell to someone else.

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Answered on 10/25/07, 1:56 pm


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