does the buyer lose the deposit?
2006-07-13 13:41:06 · 7 answers · asked by mark 1 in Business & Finance ➔ Renting & Real Estate
You get it for free..
2006-07-13 13:44:55 · answer #1 · answered by dbrady 5 · 0⤊ 0⤋
Well, I would think that if the buyer dies before the closing, he obviously can't buy it because he's not alive to sign the closing papers. The house would then be re-listed for another prospective buyer. With regards to the deposit, I'm not sure. The buyer would either loose it, or the monies would be refunded to the him/her next of kin.
Unless there were more then one buyer. They other buyer would have to get approved on their own along with having a new contract with only the one buyer. However, if they don't get approved then the deposit is refunded with providing a denial letter.
You may contact me with further questions if needed. Other details may be needed.
Or you can ask your real estate attorney.....he should know.
2006-07-13 13:52:27 · answer #2 · answered by sharebear1967 3 · 0⤊ 0⤋
Technically the Buyer's estate is still bound to purchase the home. However, if there is a mortgage involved the Buyer obviously no longer qualifies and the Buyer's estate would get the deposit back.
2006-07-13 13:59:03 · answer #3 · answered by mycornerofbrickheaven 3 · 0⤊ 0⤋
The contract is null and void. It's as if it never existed at all. Even if there were more than one buyer on the contract, such as husband and wife, the contract is still null and void.
The buyer's estate is entitled to a refund of any deposits paid.
2006-07-13 14:06:26 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The contract becomes null and void and no the buyer does not lose the deposit.
2006-07-13 13:50:31 · answer #5 · answered by Irish 7 · 0⤊ 0⤋
What does your contract say? frequently, if some thing desires doing, it both should be repaired earlier the ultimate, or a credit is given in the route of the cost of the upkeep on the ultimate table. you want to re-visit the contract, yet FOR the most area (while not having examine your contract myself) now that they are the proprietors, they have their own complications to attend to. in the experience that they did not request or carry out an inspection- that's not YOUR difficulty. As shoppers- they had to do THEIR due diligence on the belongings.
2016-11-02 00:42:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The deposit should be returned to the family, come on do you really want this money under these circumstances?
2006-07-13 13:51:54 · answer #7 · answered by jimmy dean 3 · 0⤊ 0⤋