I need to know if a reciept for a $1000 downpayment for a purchase is legally binding if it is not on a legal document and is not notarized?

Get Legal Help Today

 Secured with SHA-256 Encryption

I need to know if a reciept for a $1000 downpayment for a purchase is legally binding if it is not on a legal document and is not notarized?

I have a guy trying to buy my modular home that is stringing me along and I have other intersted parties. Can you tell me if I can terminate this sale and give him back his downpayment without him trying to sue me?

Asked on September 13, 2012 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Notarization is irrelevant in this context: it neither adds nor detracts anything. If he gave you a deposit with an offer to buy your home, which offer you accepted, you are bound by your acceptance until and unless he violates one of his obligations. So, for example: say he gave you a $1,000 deposit, but had to come with either a larger down payment or the entire purchase price by a certain date; if he fails to do that, then you could terminate the agreement for his material noncompliance or breach and also keep the deposit. But if he's still complying with any of his obligations, hasn't exceeded any time frames, etc., you are still bound.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption