Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
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.
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.