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Posted By: barrysloate

James- I always believe in communication. Tell him that while you are inclined to end the deal and return all his money, you feel you have been put out as you held a valuable card for almost a full year and will be getting nothing in return.

You may then ask him if he could consummate the deal and pay the balance in a short period of time, or if he is unable, would he be willing to give you a little something for your trouble. Maybe the two of you can agree on a small penalty, rather than just deciding on your own that 20% is fair (suggest perhaps $100, and see what he says).