Legal Question in Real Estate Law in Michigan
good faith deposits
After signing a purchase agreement with a buyer,(the buyer put down some good faith money), I was informed i did not have a clear title. I immediately paid to have the title cleared. In the process the purchase agreement was running out and when it ended the purchaser knowing i was having the title cleared with in a month, decided they no longer wanted the property and they want their good faith deposit back. I showed good faith in rushing the title clearing, which cost me more money to have it rushed through. Do i have a legal standing?
1 Answer from Attorneys
Re: good faith deposits
I have not read the purchase agreement, but I doubt if you have cause to sue. If there was a lien on the property that needed to be cleared, you would have had to clear it anyways. You don't say whose debt it was, but if was yours, it was your obligation to take care of it. You should probably return the deposit.
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