Is My Real Estate Deposit Refundable?

 

 

Video Summary

The short answer is that whether or not your deposit is refundable depends on the terms of the contract. Hopefully your contract was prepared by a realtor or attorney.
Often real estate contracts contain terms stating under which conditions the deposit can be refunded. One such condition is called a "financing contingency" and allows for refund of the deposit is the potential buyer is unable to secure financing and provides appropriate documentation. A condition may also state that depends on the inspection of the property or in case of damage, a deposit may be refunded.
Additionally, condominium purchases may contain a different set of rules regarding the deposit. A contract to buy a condo may allow for the potential buyer to cancel the contract with a refund upon receipt of the documents pertaining to the condominium association.