We are trying to purchase an ajoining farm from two sisters that inherited the farm when their mother passed away. We have given them a $10,...

Question

We are trying to purchase an ajoining farm from two sisters that inherited the farm when their mother passed away. We have given them a $10,000 deposit in March of 2011. They have offered to finance the farm for 20 years at 4% interest. Now we cannot get them to agree on terms for a contract. What are our options. They did not escrow the deposit, they have spent it. We still want the farm.

Answer

If there is nothing in writing you will have a problem. Pursuant to the Statute of Frauds, a writing is needed for the sale of land.

Nevertheless, you would still have a cause of action for the return of the deposit.

Mike.