Question

The buyers made an offer on the exact terms of the listing contract on February 1, with the condition that the offer be accepted within 72 hours. The broker was unable to contact the sellers until February 6. When the sellers accepted the offer, the broker promptly notified the buyers. The buyers told the broker that they had changed their minds and did not want to purchase the property. The buyers demanded the return of their deposit:

Answer 1

The buyers may be entitled to a return of their deposit if the sellers accepted the offer after the 72-hour condition.

Step-by-step explanation:

If the buyers made an offer on the exact terms of the listing contract with a condition to accept within 72 hours, they are entitled to a return of their deposit if the sellers accepted the offer after the 72-hour period. Based on the information provided, the broker was unable to contact the sellers until February 6, which is after the 72-hour deadline. Therefore, the sellers may be in breach of the agreement and the buyers have the right to demand the return of their deposit.