Q: In Maine, if a buyer defaults on a purchase and sales agreement and does not purchase the home - what can the seller do?
We made an offer to purchase a house waiving the inspection period. If we are no longer comfortable purchasing the house (and the seller is not interested in accepting a withdrawal), what is the most they can do?
Obviously they keep the deposit. Can they sue? For the purchase price? For time lost? or just keep the deposit?
A: The answer will depend, first and foremost, on the terms of the purchase and sale agreement and, more specifically, the remedies provided to the seller under that document. Generally speaking, the seller typically can keep the deposit in lieu of filing a lawsuit, but the seller may also (in the alternative) be able to sue for specific performance in an attempt to compel the buyer to go forward with the purchase.
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