Q: If u put $5K down to buy mobile home with Purchase Agree and make pymts for 3 mos, then backs out, do we refund all $?
It is a mobile home and the buyer put down$5K as deposit (selling price $26K) then 1-1/2 mos. later put down another $10K, then 1-1/2 mos. later put down $5K. The contract that the seller AND Buyer signed was to close on July 27. It is now August and the buyer says he can’t come up with the other $6K just yet. We told him to begin with that we needed the money to our down on our new home. What is our recourse in this? Do we have to refund the whole $20K?
A: That mainly depends on the language of the purchase agreement. If it was drafted by an attorney, there usually will be a clause as to what the remedies are in the event of default, which will usually include an amount that the seller may withhold from the refund.
Bruce Alexander Minnick agrees with this answer
A: What your recourse is depends on whether your mobile home is considered a real property or personal property. If it is fixed in land, it is real property and you can compel closing after inspection date. if it is personal property, you can recover your loss. I would retain an attorney at this point.
Bruce Alexander Minnick agrees with this answer
1 user found this answer helpful
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