Unclaimed Bulldozer Deposit Dilemma

Summary

Cheryl Donovan received a deposit for a bulldozer sale, but the buyer has not completed the purchase. She did not have a written agreement with the buyer, only a verbal agreement. The buyer was given a receipt for the deposit and was aware of the time frame for the sale. Cheryl has another interested buyer and wants to know if she can legally return the deposit and sell the bulldozer to the other party. She was advised to inform the initial buyer about her intentions to return the deposit and sell the item to someone else.

Full Conversation

We have a bill dozer for sale. We received a $*.* deposit but the person has not returned or contacted us regarding purchase.
Did you have a written agreement with the buyer regarding the sale and deposit?
no. He. Said he would return with payment but have not heard from him.
Did you provide a receipt or any form of written acknowledgment for the deposit received?
Yes I gave him a receipt. Have heard nothing from him. There is someone else that wants to buy it. We need to get it sold so where do we go from here
Did you specify a time frame for the buyer to complete the purchase in the receipt?
Only verbally not in writing
What was the verbally agreed upon time frame for the buyer to complete the purchase?
They were going to have more money to us by the end of September but no specific date
Did you try to contact the buyer after the agreed upon time frame passed?
No
What is your location? This will help me provide you with the most accurate information regarding your legal issue.
Route 20a wales center ny
Did you document the verbal agreement in any way, such as through text messages or emails?
No
Did you inform the buyer about the other interested party and your need to sell the bulldozer quickly?
He knew the time frame for selling the bulldozer but not about another interested party
Did you set a deadline for the initial buyer to complete the purchase after which you can sell to another interested party?
We told buyer we were planning on leaving the area by the first of October
What is the current date? This will help me understand if the buyer has exceeded the verbally agreed upon time frame.
Today is October *. The buyer has not contacted us
Did you inform the initial buyer about your plans to sell the bulldozer to someone else if they didn't complete the purchase by a certain date?
No
Did you provide the buyer with your contact information so they could reach out to you?
Yes
Did you make any attempts to contact the initial buyer after the agreed upon time frame passed?
Yes He said he had to collect money and when he received the money he would be back tho pay us.
Did the buyer respond to your attempts to contact him after the agreed upon time frame passed?
Yes he extended the time. He said he would have the money by the * of October but we haven’t heard from him. Can we just give him his $*.* back and sell it to someone else?
Did you agree to the extension of time the buyer requested?
Yes
Did you inform the buyer about your decision to return the deposit and sell the bulldozer to someone else?
No that’s why I contacted you. Can we leagly do that?
Did you inform the buyer about the new deadline (October *) in writing or was it also a verbal agreement?
That was verbal
Did you specify any consequences for not completing the purchase by the extended deadline in your verbal agreement?
He was told we wanted to leave by October *. We need to sell the bulldozer for the money to cover our moving expenses The buyer knew that when he gave the deposit.
Did you inform the buyer that if he didn't complete the purchase by the extended deadline, you would return his deposit and sell the bulldozer to someone else?
No is that what we need to do?
Yes, it's generally a good practice to inform the initial buyer about your intentions to return the deposit and sell the item to someone else. This gives them a chance to respond.
That is what we needed to know. Thank you for your help.
You're welcome, **** ****! If you have any more questions in the future, don't hesitate to ask. Is there anything else I can assist you with today?
It was a pleasure communicating with you. God Bless
I'm glad I could assist you, **** ****. If you have any more questions in the future, feel free to reach out. God Bless you too!