This is a contract we made to sell our boat. Cash sale. I am seller and have contacted buyer and informed him titles are here no problems. But now he wants to back out of deal and wants his $500.00 back. I turned down other buyers for him and forfilled all my part of contract. It's been seven days do I have a right to keep the deposit money. Please read oue agreement below. Thank you.
July 16, 2007
I, ___name______________ paid $500.00 towards the purchase of a 1987 Larson VIN# xxxxxxxxxx Boat GRY/RED 17ft. Run I/O from. Purchased as shown, no guarantee expressed or implied. Included in the purchase price of the boat is fire extinguisher, anchor, two dock bumpers, boat cover, depth finder. The remainder of $4,000 will be paid upon receipt of title. Purchases has the right to $500.00 deposit if there becomes a problem with obtaining title to boat and trailer. Seller is holding the boat until titles are received back from DMV and remainder of balance due is paid in full. All parties agree to terms listed above.
name, purchaser; signature______________________ date:_________
name seller; signature ______________________ date_______