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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31769
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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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.