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.
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.
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