Is my deposit refundable...?

[chance]

My fiance wanted to purchase a horse for $6000 from a boarding facitlity. We gave the farm a $3000 cash deposit and received a receipt stating "$3000 deposit, $3000 due". Due to unforseen financial matters, we have deicided that this purchase would not be in our best interest at this time. No where on the receipt or in the facility is "Deposit non-refundable" printed/posted. The owner says there is a law in New Jersey (where I reside) that states deposits are not refunadable and he will not refund our $3000. Is this true and what rights do we have in this matter? Any help would be greatly appreciated. Thank you.

 

[Tracey]

Your fiance is lucky. To me, the note looks like a contract to buy the horse, not an option to buy. The owner could demand the full $6000, & then start charging you for boarding the horse. Your best course of action is to tell owner to give you title to the horse with a $3000 lien on the animal, then sell the horse for whatever you can get & use the proceeds to pay off the lien. You'll come out further ahead than if you just let the owner keep the $3000.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

 

[JETX]

Couple of random thoughts:

1) Are you sure that the 'boarding facility' owns the animal? If not, then the contract might be voided since they can't enter into a contract to sell something they don't own.

2) You need to look at the receipt. Does it fully describe the transaction? It needs to detail the horse and the full terms of the contract. A contract can't just read, "I sell you a horse, you pay me money". There has to be an 'understanding' of the full terms.

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Steve Halket
Judgment Recovery of Houston
[email protected]
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This is my PERSONAL OPINION and is not legal advice! Consult your local attorney for your specific situation and laws!