Orlando, FL asked in Real Estate Law for Florida

Q: Buyer pulled out of house sale after signing agreement, no inspection completed, and he took the "Good Faith Deposit"

As sellers (3 siblings), we signed a contract with a buyer (he's an LLC). Cash deal. He had 30 days to get $ from Australia. Came back to our agent & nixed the deal, before completing the inspection, stating a family medical emergency in Australia. Won't be back in time for closing. He took his Good Faith $ and left. My agent says the Buyer has the right to bow out of the contract anytime before the inspection is completed, here in Florida & keep his $ (state law). This doesn't seem right to me, since I couldn't cancel after signing, & I can't keep my house on the market while I am waiting for the inspection to be completed. I can't imagine I could also cancel the sale of the house if I or one of my siblings became gravely ill before the inspection was completed. Is the Good Faith $ one sided? Or can we, the sellers, require the $ back because the buyer canceled the contract with something that wasn't contingent on the home inspection & we lost 2 weeks on the market.

Related Topics:
Lawyers: To answer this question, please Log In to your account.
1 Lawyer Answer
Answered
  • Santa Rosa Beach, FL
  • Licensed in Florida

A: The only way to answer your question would be for me to review your contract with the buyer. However, I am located in NW Florida and so I suggest that you consult with an attorney in the Orlando area to get specific advice regarding this contract and the buyers actions.

Good Luck.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.