If a couple had a contract to buy a house and then never even went to the bank to get a loan do I have any legal standing against them if th...

Question

If a couple had a contract to buy a house and then never even went to the bank to get a loan do I have any legal standing against them if they tied up the property for four months (other than their deposit)?

Answer

I assume that you are the seller and that's why you're asking. It depends. If the contract had a mortgage contingency and they didn't act in good faith by applying for the mortgage, they may have liability under the contract. However, what does the contract say about their liability upon default? It may be limited to the amount of the deposit.

Also, being able to keep the deposit is not an automatic thing. Especially if Realtors are involved, you would have to get a court order first declaring that you are entitled to the deposit, before Realtors can release the money.

Consult a local real estate attorney who can review your contract and advise you of your rights. The fact is that even with all of the law on your side, litigation costs money and time, and it may not be worth suing to get the deposit released. If, on the other hand, the buyers sue, they may be bearing the largest cost. You should still have your own lawyer represent you, but you may be able to get the deposit released to you at that time.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.