what are the effect of non refundable deposit in a land transaction?

Asked by Shady, 89074 Tue Jan 25, 2011

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Mark Fleysher, Agent, Las Vegas, NV
Tue Jan 25, 2011
Hello Shady,

What is the non-refundable deposit for? Is it for the land transaction itself, or for the agent's commissions? Something sounds funny here...
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Tue Jan 25, 2011
Sally said it well, but the offer usually has conditions that say the buyer does not get their deposit back if "they" default. If the seller causes the deal to fall through the deposit might get returned. It's all in how it is written and if it was a deposit or option fee.
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Sally Grenier, Agent, Boulder, CO
Tue Jan 25, 2011
Maybe I'm not fully understanding your question, but it sounds pretty self explanatory. The effect of a non refundable transaction means you don't get your money back if the deal falls through. Care to offer more details?
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