Home purchased-owner carry loan-no contract-what are our rights?

Question Details: Purchased a home with owner carry loan agreement, $60,000 d/p, what are our rights upon not being approved for a loan? There was zero contract, are we entitled our d/p if we leave the home? Also, the d/p went to the previous party who was purchasing the home with the same owner carry agreement (they are related). What are our rights as far as the down payment?

Answered 8 years ago| Contributor
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