Legal Question in Real Estate Law in Rhode Island
Seller defaults, won't return deposit
I signed a p/s agreement on a condo and paid a 10% deposit on the sale price. The seller wasn't able to close on the specified date and asked me to sign an extension. When I wasn't interested, she refused to return the deposit. How can she get away with this?
1 Answer from Attorneys
Re: Seller defaults, won't return deposit
It is likely that she was entitled to an extension by law unless there was a time of the essence clause or some other clause in the agreement speaking to this. Unless you had a good reason for disallowing the extension, your refusal could be perceived as unreasonable.
There is language in the agreement speaking to the deposit. Take a look at it and if there is nothing that can be interpreted to warrant refusal to return the deposit, you should press the issue. If you were not at fault, you should get it back. Do everything in writing.
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