is the seller of an item required to return a deposite placed on said item,if the sale is not finalized,if the buyer decides to not purchase, must the deposite be returned to the buyer,
2007-08-30 17:19:05 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
mobile home,in mobile home park, approx price $11,500.00 amount of deposite, $500.00 buyer does not want to continue with purchase, must the seller return the deposite, or must the sale be finalized???
2007-08-30 17:21:59 · update #1
it depends completely on the wording of the contract. if the contract does not address the deposit, then it's negotiable-and a very poorly written contract. do better next time.
I would probably offer to give back ½
of the deposit, since the property was taken off the market-thus making it not available for sale-it really depends on how long the property was off the market-if it was a month or longer then I would probably keep the deposit.
2007-08-30 17:31:30 · answer #1 · answered by dulcrayon 6 · 1⤊ 0⤋
Since this is not real property it is considered a Bill of Sale. Therefore, you would have to check with the Dept of Motor Vehicles in your state. The Buyer must have a ligitimate reason not to complete the sale. If the reason is legitimate, then the deposit could be requested by the Buyer.
2007-08-30 17:35:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Those questions can (or should) be answered in the wording of the contract.
2007-08-30 17:32:44 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
I think that all depends on your contract and/ or agreement you had.
2007-08-30 17:32:08 · answer #4 · answered by C C 3 · 0⤊ 0⤋