Seller Refuses to Repay Refundable Deposit
Hi,
I live in MD. I put down a $300 deposit on a vehicle, and obtained a signed receipt from the seller saying that I would purchase the vehicle for $5500 if it passed MD safety inspection. I typed this receipt up, and also got the seller's ID and other info. The receipt also specified that the sale was void if the vehicle did not pass inspection.
The vehicle did not pass inspection and the seller was told that $1200 repairs were needed. He told me that he would still sell if I split the cost of repairs half way. The effective price of the car would now be $6100. I considered and rejected his offer and moved on with a different vehicle. He agreed to give me my deposit money back (less cost of inspection, which I offered to cover).
When I went to get the deposit, he changed his mind and now says that I am legally bound to honor the initial $5500 price and will hold me to the original receipt. Because of his attitude and because I have found a better deal, I no longer want to purchase his vehicle. Can I back out and get my deposit back?