return of deposit?

stapler101

New member
Short version.
A "buyer" sends a deposit ($1500 on a $30000 deal) on an airplane, agrees on the price, agrees to pay 1/2 of annual and some other items.
The agreement is verbal.
The day the annual is completed the buyer advises that he has decided not to buy the plane.
The decision not to buy was based on finances, not any result of the annual.
Since the deposit was made the seller had cancelled ads to sell the plane and had also told two prospective buyers that the plane was sold.
What, if any, of the deposit should be returned?
 
Short version.
A "buyer" sends a deposit ($1500 on a $30000 deal) on an airplane, agrees on the price, agrees to pay 1/2 of annual and some other items.
The agreement is verbal.
The day the annual is completed the buyer advises that he has decided not to buy the plane.
The decision not to buy was based on finances, not any result of the annual.
Since the deposit was made the seller had cancelled ads to sell the plane and had also told two prospective buyers that the plane was sold.
What, if any, of the deposit should be returned?
You really need to ask expert legal advice, not strangers on the Internet. That said, it looks like both parties made mistakes:
1) No written contract.
2) Seller mistakenly believed the airplane was sold simply because he or she had an earnest money deposit.

It is not the fault of the prospective buyer that the seller told other prospects the plane was sold when it was not.

Did the buyer pay half the annual or was that supposed to come out of the earnest money deposit?
 
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