We are selling our home for sale by owner. We received an offer, accepted it. The buyers completed a home inspection, we agreed upon repairs. Then they refused to sign a purchase and sales. They said the reason they refused was because our lawyer was hostile and did not produce a standard document. But we instructed our attorney to make all of the changes their lawyer requested which was done. We even offered to hire a new lawyer to draft a new purchase and sales. They said no, we are moving on. Do we have any rights to their deposit? Their lawyer is now saying he is going to file a complaint in court, what does that mean? If they file a complaint are their any financial ramifications for us, or will a judge just determine they can have their deposit back without us signing the document. Any information could be helpful.
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Editor's response
I would have to be a much braver (or crazy) person to try to offer that type of advice in this forum. Generally, the seller is entitled to keep the deposit if the buyer does not honor her obligations under the signed offer to purchase. As you may know, a fully executed offer to purchase may be considered a binding contract in Massachusetts. You will have to have your attorney look at the offer and give you an opinion, based on his or her knowledge of what the buyer did and did not do, regarding whether you are entitled to keep the deposit. It sounds like the buyer's attorney is threatening to sue to recover the deposit. This may just be a bluff, or they may be serious. I do not know. If your attorney feels you have a strong argument to keep the deposit, you may want to call the bluff. Good luck.
Thanks for your information.
Thanks for your information. If they sue us...could we be responsible for paying their attorney fees or any other penalties...or would we just have to release the money? That will determine how we go from here. And for $1000 would it just be at a small claims court? Of if they are using an attorney would it be at a higher court?
Editor's Response
Again, please have your attorney look at the doc before making plans or decisions. Generally, attorneys fees are allowed in Massachusetts if the contract or other document states that the prevailing party may collect them. Than means, in theory, you could also collect your attorney's fees. The attorney can choose to sue in any court that has jurisdiction. Good luck.