Ifbuyer puts a deposit down on a car but doesn’t return for it, how long must the seller wait beforethey can sell it to someone else?
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Ifbuyer puts a deposit down on a car but doesn’t return for it, how long must the seller wait beforethey can sell it to someone else?
I had a car on the internet for sale and I had a guy put deposit down on it almost 3 weeks ago but now his wife won’t let him buy it. How long do I have to hold this car before I can sell it? He keeps saying he is coming after it but he never has. Do I have to give his deposit back?
Asked on June 29, 2011 under Business Law, Kentucky
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
To answer your question, do you have a written agreement for how long the deposit is good for? If so, the terms of the agreement set forth how long you are to hold the car for the intended buyer in exchange for the deposit.
If there is no written agreement, was there an oral agreement about how long the deposit would hold the car for the intended buyer. If not, then the deposit is good for a reasonable amount of time.
I would call and write the person who placed the deposit giving him a certain date to buy the car and if not, his deposit gets returned and you sell the car to someone else. If the agreement was that the deposit would be refundable if the sale does not go through, you have to give the money back. If the agreement did not mention anyhting about refunding the deposit, you still have to return it.
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