Brockton, MA asked in Stockbroker Fraud, Business Law and Real Estate Law for Massachusetts

Q: can a listing broker (restaurant) keep a forfeited deposit from a potential buyer or does it go to the seller

I have a small restaurant that I am selling, I have it listed with a broker. We had a potential buyer who made a $1,000 deposit. The buyer did not obtain financing, so they forfeited the deposit. The broker kept the deposit. I feel like that should be mine. The broker will earn his money on the 10% commission I am paying him.

1 Lawyer Answer
Ali Shahrestani, Esq.
Ali Shahrestani, Esq.
PREMIUM
Answered
  • Criminal Law Lawyer
  • Brooklyn, NY
  • Licensed in Massachusetts

A: That sounds problematic. Have a lawyer review your broker agreement. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.

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