bertrude said:
What is the name of your state? Colorado We are privately selling a car. We accepted $1,000 in earnest money from the buyer with the verbal agreement that they would supply the other $900 within one week. We still have the title and the car. Two weeks have passed. The buyer now wants the earnest money back to buy a different car. We turned down other offers to buy the car. Are we obligated to return the money, or can we force them to pay the remaining $900. Can we make them forfeit the earnest money and sell the car elsewhere?
My response:
Your first problem is that this was a "verbal" agreement. How do you intend to prove that the selling price was not $1,000.00, rather than $1,900.00? That is a viable argument should this matter go to court.
However, assuming a certain amount of honesty from both parties, and that you can get the buyer to admit the price, you have every right to enforce the verbal contract. You simply tell the buyer "No, this is not the way life works. I fully intend to enforce our agreement. As far as I'm concerned, you bought my car and I'm not returning one penny to you. When do you intend to pay the balance and take the car?"
IAAL
