Real Estate Law
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I'm Lucy, and I'd be happy to answer your questions today.
Usually, when a buyer backs out of a sale of real estate, the seller is allowed to keep the deposit in order to compensate them for their damages. Take a look at your contract. What it should say is that the buyer can cancel after receiving the inspection report, and your sole recourse is to keep the deposit. Make sure it doesn't say you have to give the money back, but these contracts usually let the buyer keep it.
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