Legal Question in Real Estate Law in Indiana

I have a purchase agreement for an unimproved lot for $60,000.00 cash with $1,000.00 earnest money dated 8/5/2024. On 8/27/2024 the buyer send a Mutual Release from purchase form with the only condition being the forfeiture of the 1,000.00 earnest money. I counter asking for $5,000.00. They tried to say their mortgage didn't go through but it was a cash offer. Now they just say they don't have the money and their agent says they refuse to attend the closing on the property scheduled for 9/5/2024. What recourse do I have.


Asked on 9/03/24, 12:15 pm

1 Answer from Attorneys
Richard Bryan Richard Bryan Attorney PC

Do you have the $1,000? If so, that's your recourse. If you don't have the money, forget about the whole thing and move on to the next deal and chalk this up to a life lesson. As a practical matter, you have no recourse. Move on.

Good luck.

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Answered on 9/03/24, 4:18 pm


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