'Deposit' vs "payment"....

Posted by Chris Case [75.36.33.240] on Wednesday, May 08, 2013 at 01:15:28 :

In Reply to: Question... Are deposits refundable? posted by Jonas [67.142.178.21] on Wednesday, May 08, 2013 at 00:47:04 :

General rule of thumb is a deposit is binding on the seller. Payments seal the deal both ways, so better to call them "down payment".

But it is not unreasonable to hang on to the deposit until it does get sold, then refund MINUS cost of the second sale- running another ad, washing it again... etc. And if it sells for less, detract that from the deposit too. It's called "liquidated damages". Or he could complete the deal and resell it himself?

But yes, you do owe the deposit back.

Follow Ups:

• That sounds reasonable - Sherman in Idaho 04:35:15 05/08/2013
  • it is called moron tax - mannyc 07:22:03 05/08/2013
    • I rented to a guy like that once - Sherman in Idaho 10:30:58 05/08/2013
    • So is it back up for sale? ntxt - Rob Blair 10:07:22 05/08/2013
      • Yes. Wendy put the ad back up on CL - Jonas 15:49:12 05/08/2013
        • Re: Yes. Wendy put the ad back up on CL - Sherman in Idaho 19:25:43 05/08/2013
          • Or keep heading East...ntxt - Jonas 01:57:42 05/09/2013
      • Re: So is it back up for sale? ntxt - mannyc 12:32:29 05/08/2013

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