Real Estate Contract Law

What is the name of your state?

Georgia

I took a contract from a buyer for a house and it was timed and dated to be binding. In the contract we agreed to meet in two days to place the earnest money in a joint account on deposit. The buyer failed to make that appointment and told me that they changed there mind and breached the contract.
1. Do I have legal standing to sue for the $3000.00 earnest money?
2 Does the fact that they "Pledged the earnest money in a binding contract mean anything"?

Thanks,
Russ804

[I AM ALWAYS LIABLE]

Originally posted by Russ804
What is the name of your state?

Georgia

I took a contract from a buyer for a house and it was timed and dated to be binding. In the contract we agreed to meet in two days to place the earnest money in a joint account on deposit. The buyer failed to make that appointment and told me that they changed there mind and breached the contract.
1. Do I have legal standing to sue for the $3000.00 earnest money?
2 Does the fact that they "Pledged the earnest money in a binding contract mean anything"?

Thanks,
Russ804

My response:

Since you failed to state that portion of the contract concerning the Earnest Money, and from your post, it would appear that the buyer has no intention of buying the house, I must conclude, at this point, that you have suffered no discernable, actual, damages.

Since I believe this to be the case, at this point, and without further information from you, you probably have very little chance to obtain the $3,000.00. The reason being is that, again at this point, the money you seek, and what you're asking for, is a "forfeiture".

The law of equity abhors forfeitures in Civil matters. I believe that the only way you'll see any money is if you're able to prove actual damages as the result of the breach.

IAAL

[HomeGuru]

What a joke, these fsbo people. And placing the earnest money in a joint account is even funnier.