Legal Question in Real Estate Law in Missouri
Buyer never gave down payment
An investor wants to buy our home and 4 others on the block. He offered us more than enough for the home and $1500 non-refundable deposit to be paid to us in a Money Order. The Broker came by our home last week and we signed the contract to sell the home but he did not bring the $1,500 as the contract states he is giving us. The only clause in the contract is that if he does not get to buy all 4 or 5 homes in 60 days, he is not buying ours but we keep the $1,500 either way. We asked where the money was when we signed and the Broker said he was meeting with the investor later that week. We have since heard nothing from the Broker. how long do we give the investor to get the $1,500? What if he never gives us the $1,500...do we still have to sell? The investor is doing a 1031 so he has all the cash already to buy all 4-5 homes without a loan.
1 Answer from Attorneys
Re: Buyer never gave down payment
I would have to see the actual contract before giving you any specif advice, but why would you sign the contract without the $1500.00 in the first place? It certainly seems like the buyer misrepresented the truth when he told you that he would give you a non-refundable deposit and then doesn't even have the money in hand.
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