Legal Question in Real Estate Law in Massachusetts
Legal rights of seller to retain 5% down payment of buyer.
If a seller accepts a 5% down payment on his house and agrees/meets all obligations set forth in P&S Agreement, after 30 days (while house is off the market)can the potential buyer receive money back if they simply change their minds? (Potential buyer already had letter of acceptance from bank and all inspections were performed and passed).
1 Answer from Attorneys
Re: Legal rights of seller to retain 5% down payment of buyer.
I take it you don't have a lawyer to answer this question.
You may (must) fax to me the P & S agreement to get a quality answer. It depends almost entirely on the agreement. My fax number is (617) 527-1763. You can follow that up in a few hours with a phone call.
There is one other factor, though; if you take the property off the market, you might not get to keep the 5%, and if you do sell it afterwards for the same price (plus, arguably, interest) or a better price, you might not get to keep the 5%.
But the first part depends on the P & S.
It's been a month. By now this has probably resolved. Please e-mail me directly and let me know what happened, okay?
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