1st: did you both sign this contract? If you both did and both of you have copies then its a binding contract in the court of law.
2nd: Are there any conditions written on the contract? These conditions benefit both parties for agreement and cancellation.
3rd: No deposit is ever refundable. Its up to the retailer to do so if they wish in good faith. A deposit is an action of intent by the purchaser to complete the sale.
The vendor(you) in good faith accept his deposit and agree via signed contract to sell your car at a specific price. You take your car off the market and quite possibly have ignored other tenders because youve already accepted another tenders(Ed's) deposit as an intent to purchase.
4th: If the buyer came to "YOU". Theres no such thing as a cooling off period.My advice: keep the deposit
but....
You must give the deposit back if..
- You dont have a bonafide contract signed by both parties.
- Theres a "subject to" written on the contract that gives either party to get out of the contract.
- Buyer claims misrepresentation and you feel he is correct. Not worth litigating.
- You just want to be a nice guy. Note: you may keep "partial" deposit as payment for cost of damages and missed opportunities of resale. If you took the car off the market for 1 week and now have to put it up for sale again, a cost of advertising the car again for a week should be fair for him to pay. Also, if you had to license the car in his name and now you have to re-license it back into your name then he should have to absorb those costs too.
Your time has a cost factor too that can only be judged by yourself.
These policies are not very different than what he'd expect to go through if he bought the car at a local dealer.
The only difference he is you can be the good guy.
: after buying my Z, i need to sell my old car, which is 1995 Honda accord. Last week, this guy ED, came over, checkout the car and put a 200 deposit down. we also wrote a contract that states "ED, has paid 200 bucks deposit for the total of 6000 for the 1995 honda accord).
:
then, he show up again tuesday and says that he is not interested in buying my accord.
But what's worse is that he wants the deposit back.
i've told him that since it is a deposit and he's backing out of a legal transaction, i can't give him his deposit back. (not to mention that i didn't sell the accord to many people who called me on the weekend).
:
i have 3 options--1. sell him the car legally and get 5800 more out of him. 2. give back the deposit 3. keep the deposit.
please resond for i will show this to ED.
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