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Why? A deposit is always refundable unless there are reasons not to refund it. For example, a pet deposit is refundable if there is no pet damage when the tenant moves out. What might not be ...
In accounting, a down payment (also called a deposit in British English) is an initial up-front partial payment for the purchase of expensive goods or services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction .
First, work with a reputable real estate agent whether you're buying or selling a home. Never sign a contract or hand over a deposit on a home without verifying that the owner is who they say they ...
Often, the contract is structured in two parts, one representing the lease term and the other a contract of sale. As is usually stated in the lease purchase contract, the option fee and accrued rent credit are both non-refundable should the tenant/buyer decide to walk at the end of the lease.
The parties agree to what the cost of the option is. As noted above, it can range from a token amount to 5% (or more) of the value of the property. The option fee usually is non-refundable. That is, if the tenant-buyer fails to exercise the option, the money remains with the seller. It is not refunded. The reason: The option fee is not a deposit.
Security deposits used as an advance payment of rent. Security deposits kept if tenant does not live up to the terms the lease. Payments for cancellation of a lease. Property or services received ...
Once a PSA is executed, the buyer is commonly required to submit an escrow deposit, which may be refundable under certain conditions, to a title company office or held by a brokerage in escrow. The transaction moves to the due diligence phase, where the buyer makes a more detailed assessment of the property. Purchase and sale agreements will ...
Prospective buyers also pay an earnest money deposit to demonstrate serious intent to purchase a home. You’ll typically need to pay 1 percent of the home’s agreed-upon purchase price.