Dump truck sales deposit.

[Kbshauling]

Jurisdiction

North Carolina

Hello, so I am selling a dump truck, I was asking $55,000 and had a guy come look and offer $52,000 and I accepted. He gave a 4,000$ deposit. He told me he was heading to New Jersey to unload and would be back Friday morn, he was going straight to the bank when they open fri morn then meet me with the remaining $48,000. He wrote down $4000 deposit on quad dump truck and the remaining $48,000 to be paid on fri. And I signed it. Well he calls today and says he can't get the financing now and can't buy the truck. He never mentioned financing before. I had 2 other buyers make offers that this buyer knew about and made the decision on his own to offer $4k as a deposit. Now the other buyers have moved on. Do I give back the deposit? Thanks for all advice in advance.

 

[army judge]

No one can tell you to refund the four large, friend, but a judge.
No one can say if your "buyer" will sue you.
Some would say he has a case.
However, he'd have to make that case before a judge.
If he did decide to sue you, he'd have to do so in NC, not NJ.
If I were facing the decision, I'd refund his four large.
You alone must decide, mate.

 

[adjusterjack]

Do I give back the deposit?

Not right away. Under contract law you are entitled to be made whole by the breaching party. That means you hold the deposit until you get the truck sold. If you get the $52,000 (or more) without incurring any additional sale expenses then you've been made whole and you return the $4000.

If you have to take less than the $52,000, then his deposit makes up the difference and you refund the rest.

I suggest you explain that to him and tell him you will make a full or partial refund depending on how much you sell the truck for, then resume your efforts to sell.