do i have the right to take legal action against the seller for taking more than one deposit?
2007-11-17 12:41:22 · 5 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
When bidding on a house... the seller can accept all the deposit they want.. its a good faith deposit that you are serious and the bidding continues... This is acceptable as long as there was nothing signed stating that he agreed to give the property to one said person already and then accepted a deposit from another.
Then he hears out the prices from those who are bidding and its up to the seller to choose whose bid he likes the best an go from there. The one he does not choose he is to give them back their deposit.
2007-11-17 12:47:33 · answer #1 · answered by Faithful_tab 3 · 1⤊ 1⤋
Usually deposits on buying a property are held by the solicitor as stakeholder and for the purpose of a deposit only before contracts are exchanged on the property. Once this is done, the contract becomes legally binding and the deposit will be sent to the buyer's solicitor. It may be that in this case there is a contract race going on and there are two potential buyers who want to buy the same property and have sent their deposits to the seller's solicitor.
2007-11-21 06:28:22 · answer #2 · answered by Jessica 4 · 0⤊ 0⤋
Depends upon the Realty Laws of your state. In most states, a deposit is used as a means of good faith in wanting to buy the property. If the seller accepts two deposits, he may have a reason(s) that either or neither of the prospective buyers is acting in good faith. If this is the case, then the deposit(s) must be returned to the prospects.
2007-11-17 20:51:17 · answer #3 · answered by rnwallace07 7 · 0⤊ 1⤋
In the Uk, no it is not a Breach.In fact quite legal to take money from people for anything providing that money is returned in the event of non performance.The money is usually returned in 28 days and by the time the cheque has cleared,the sellar has made a tidy profit,by investing your money in the short term in particular if he is holding say 10,000 deposits.Yes it has and does happen.
2007-11-17 22:29:22 · answer #4 · answered by realdolby 5 · 0⤊ 1⤋
Only if they don't give it back to the loser on the deal.
2007-11-17 20:48:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋