If I released the deposit to move onto backup offer, can I sue for the costs of the 1st buyer’s default?
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If I released the deposit to move onto backup offer, can I sue for the costs of the 1st buyer’s default?
The buyer of my home defaulted on purchasing my home the day before the closing. I did not want to tie the house up in litigation, so I released the deposit so I could pursue my second offer. There was a 45 day period where costs of owning the home I had moved out already were incurred. The language in the deposit release form that I am most concerned as to whether I will lose my case is
Asked on August 30, 2017 under Real Estate Law, Massachusetts
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
"Null and void" means what it sounds like: the agreement is effectively wiped out of existence, so without an agreement of sale, the "buyer" has no obligation for anything you did, spent, incurred, etc. "Without further recourse" also means what it sounds like--you have no recourse against, or no right to money from, the other side. The agreement you describe contractually gave up your right to sue or for compensation.
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