Monroe, NC asked in Contracts and Real Estate Law for North Carolina

Q: How can we get our down payment back on an owner finance purchase. We decided to back out after the inspection/appraisa

We were scheduled to close on the home on Jan. 26th but was advised my a realtor friend to get an inspection and appraisal before we sign the contract.

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1 Lawyer Answer
Will Blackton
Will Blackton
  • Raleigh, NC
  • Licensed in North Carolina

A: What does the sales contract say?

By down payment, do you mean due diligence fee or earnest money or both?

Is the money being held in escrow or by the owner?

Contact a NC attorney with the answers to these questions ready to find out the answer to your question.

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