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if i am selling a car, buyer signs a note of sale($500 down) $1700 remain can they back out ?

Author: admin  //  Category: Note Buyers

4 Responses to “if i am selling a car, buyer signs a note of sale($500 down) $1700 remain can they back out ?”

  1. DA KING Says:

    will if you have other buyers as you say wanting the suv then just give him his money back , and sell it to somebody els ,you know we work so hard to get $ 1 in so imagine $ 500 out just like that ,plus the problem it is yours you do not have the title ready so get the title 1st then sell it .

    but i would give him his money back do not let any evil thought around you .

    just my opinion
    References :

  2. PETER GRIFFIN Says:

    Why didn’t you accept the down payment????? You could have kept it had he backed out!

    You have nothing now. Just move on and sell it someone else.
    References :

  3. N Says:

    You got $500 down and they owe $1700 more but you don’t (yet) have a clear title.

    Did they KNOW you didn’t have the title when they gave you the $500 down ?

    I have kept folks deposits before but I ALWAYS had the title and every receipt I ever signed said "non-refundable".

    You cant expect the guy to wait forever on a title. That’s something you should of had before selling or gotten them to agree that it would take X months or their deposit back.

    If the other guy sued you for the $500, he very well might win if you couldnt come up with the title in a reasonable length of time. From the time of deposit.
    References :

  4. mccoyblues Says:

    Bottom line, you can’t force someone to buy something they don’t want, even if they gave you a deposit. You can keep the deposit if you specified in the agreement that it was non-refundable but you can’t make them buy the car. If you defined the deposit as fully refundable then you must give the money back.

    This is the risk you take by accepting partial payments.
    References :