We backed out of their new home contract and lost 35K deposit,now they are coming back for another 30K as the contract had an endorsement that in case of default buyer will honour note of 30K. what should we do as we cannot afford this huge loss, pl, help us what can be done.
2007-03-13 03:23:09 · 2 answers · asked by j d 1 in Business & Finance ➔ Renting & Real Estate
They can sue you for specific performance and make you buy, but never heard of suing for money, definately get an attorney.
Usually a title company would hold the 30k and not release it until both parties agree on something. If they held the down payment, is this legal, get an attorney, not just any attorney, but a well versed real estate atty.
2007-03-13 04:47:17 · answer #1 · answered by Mark P. 5 · 0⤊ 0⤋
At the risk of loosing another $30 thousand.... Hire a real estate attorney. Some states have built in loopholes. Especially for buying new condos pre-construction. Have a RE attorney advise you.
2007-03-13 10:39:52 · answer #2 · answered by Michael F 2 · 0⤊ 0⤋