How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31009
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Real Estate Law Question Here...
Roger is online now
A new question is answered every 9 seconds

I'm planning to sell my house on contract. Buyer offers me a

Customer Question

I'm planning to sell my house on contract. Buyer offers me a downpayment now and offers to pay off the loan in 3 years. What if in 3 years buyer decides not to complete the transaction? Will I have to refund the downpayment?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Roger replied 1 year ago.

Hi - my name is ***** ***** I'll be glad to assist.

What happens with the deposit/down payment and any payments made during the 3 year period depends on what your contract says. That said, you should make sure your contract says that the deposit and any payments made are non-refundable.

Expert:  Roger replied 1 year ago.

If you have an attorney draft the agreement, just have him/her to write it where any money paid over to you is not refundable if the purchase isn't completed after the 3 year period.

Related Real Estate Law Questions