North Kingstown, RI asked in Contracts and Real Estate Law for Rhode Island

Q: Can a buyer back out once an offer is given and accepted on deadline date w no recourse?

The Buyer offered us full price and after inspection requested four things to be addressed (taken care of) we in return offered them to fix two of the four requests plus 2,000.00 off original price. They accepted the offer on the deadline date of July 2. Then on July 6th, we were told they were backing out of the deal. Aren't we entitled to their deposit? We ended up losing the whole month of June in open houses? What (if any ) are our options?

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1 Lawyer Answer

A: The answer to your question should be set forth in the written documents; where is your real estate agent?

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