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However, serious money is not always refundable. For example, the seller may keep the money serious if the buyer decides not to go ahead with the purchase of the home for contingencies not listed in the contract or if the buyer cannot meet the schedule set out in the contract. Of course, the buyer will lose the serious money deposit if he simply has a change in attitude and decides not to buy. If the buyer of the house cancels the offer or the valid emergency P&S in time, the buyer is entitled to a full refund of the deposit without risk of penalty. Before this case, the surety provides for forfeiture if the buyer of the house cancels for another reason – cold feet, change of attitude, loss of job, etc. Under these conditions, the seller has the right to withhold the deposit(s) as “lump sum damages”, which means that the seller cannot sue the buyer of the house for additional damages such as loss of profit or other costs. The purpose of the acomp(s) in a contract of sale and sale is to bind the buyer to the transaction by imposing a contractual penalty. Let`s be clear, almost all standard form and P&S offer contracts will have provisions that will protect a home buyer by performing a home inspection, mortgage conformance, contingencies that have the property clear and marketable and is essentially in the same condition at the final visit as at the time of the home inspection. The most important thing to remember about a home buyer is that deposits are threatened if you violate the contract of offer or the contract of purchase and sale, so home buyers should carefully assess the risks and work with competent professionals. Another example could be that upon closing, you will also receive a buyer credit from the seller (also known as a seller`s concession) for the allowed closing costs.

Let`s say your closing costs are $US 6,300 and you get a purchase credit of $US 5,000 from the seller at closing. In the example above of a 5 percent deposit, your deposit would cover the down payment, and you would only need to bring US$1300 for closing costs instead of $6,300 $US for closing costs…