Legal Question in Real Estate Law in Massachusetts

Time Frame to Return P&S Deposit

How many days do we have before we have to sign the release for a dowpayment/deposit to be returned to "buyers". They were turned down for a mortgage, we signed an extension, they would have been given a mortgage by a 2nd company, but they didn't fill out the application (property has been off the market for 5 weeks waiting for them). I know we have to return it but we want to wait until the last possible moment to do so.


Asked on 10/27/00, 1:04 pm

1 Answer from Attorneys
Stuart Williams

Re: Time Frame to Return P&S Deposit

WHAT??? Who told you that you have to return the money to them? Absolutely you should discuss this with an attorney before you do that!

Their failure to fill out the application, if you can prove that (or they can't prove they did fill one out) establishes grounds for you to keep some or all of that deposit to compensate you for damages. The amount you get to keep depends on information that you will get from a lawyer when you speak to one. If you're in the Boston area and you have NOT already returned the money, call me at (617) 527-0050; otherwise, you can write to me by e-mail and give me ALL the details and dates.

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Answered on 11/16/00, 12:44 am


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