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Anthony Chendo
Anthony Chendo,
Category: Law
Satisfied Customers: 2507
Experience:  Solicitor at BLM
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I’ve taken a deposit on a business vehicle I’m selling, I’ve

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I’ve taken a deposit on a business vehicle I’m selling, I’ve written a note to them in receipt for the deposit stating the date, the balance due and signed it. Can I still back out from this deal and give them their deposit back?
JA: What steps have you taken so far?
Customer: nothing as yet, the person in question is meeting me at my bank to pay the remainder in cash to complete the transfer of my business vehicle, it’s just I have been negotiating with an other person acting for the buyer and I’m having second thoughts.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: I’m not saying that I’m not going to not sell to this person, I just want to know where I stand legally if I decide not too.

Hello

Welcome to JA.

Please note that this is not a chat service therefore you may experience delays.

The acceptance of the deposit and declaring the the time to pick up the car and the balance due appears you have entered into a legal binding contract. Therefore backing out of it now may likely lead to legal repercussions such as a breach of contract claim and any consequential losses flowing from the breach if you backed out.

I hope I have clarified the position.

Thanks and stay safe.

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