• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

good faith deposit

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

jtanner

Junior Member
My mother-in-law was in escrow to sell her Southern California home. The buyer offered $10,000 good-faith deposit when writing the offer in such a hot market. This is stated on the purchase agreement, initialed by the buyer. My mother-in-law has been signing docs long-distance as she has moved and has trusted her agent to process all doc/money accordingly.

It's been 30 days and the buyer has failed to complete any inspections and now is no longer interested in buying her house. My mother-in-law's agent now says they never collected the $10,000 good-faith deposit check. Is anyone liable for this negligence?

Jill
 
Last edited:


HomeGuru

Senior Member
jtanner said:
My mother-in-law was in escrow to sell her Southern California home. The buyer offered $10,000 good-faith deposit when writing the offer in such a hot market. This is stated on the purchase agreement, initialed by the buyer. My mother-in-law has been signing docs long-distance as she has moved and has trusted her agent to process all doc/money accordingly.

It's been 30 days and the buyer has failed to complete any inspections and now is no longer interested in buying her house. My mother-in-law's agent now says they never collected the $10,000 good-faith deposit check. Is anyone liable for this negligence?

Jill
**A: the agent is but it is not worth something to pursue.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top