As a Realtor, I would first advise you to seek legal counsel in hopes of securing your deposit back. I would also verify if the buyer agent you where working with was representing you as a customer or a client. If you were represented as a customer that agent should treat you fairly but ultimately is representing the sellers best interest. On the other hand if you where a client your realtor should be working in your best interest and should be able to advise you on where you stand given the contracts and addendums in place and may be able to help secure your deposit back prior to getting a attorney involved. In Vermont, the listing agent’s brokerage should be holding the deposit in trust account and if there is any dispute between buyer or seller the deposit check cannot be released until there is written consent from both parties. It ultimately should come down to how the contract and addendums were written and your legal counsel should be able to let you know where you stand.
are there any other contingencies that you could use to get out for bonafide reasons? what does your attorney say?
Like the others said, i am not an attorney and do not intend to give legal advice, but given the information, that is what i see.
Ben Thomas REALTOR
Century 21 jack montpelier
your Realtor can point you in the right direction. If you used the standard Vermont Association of Realtors contract, there are several clauses regarding remedies for breach of contract and mediation prior to litigation. There is no law specific to seller's default on real estate closings.
Good luck with it.
Century 21 Jack Associates.