I sold my boat last night. Great you say! Nope - today he called and said he found a better deal. I have already cancelled all the appointments that were set up for the weekend.

Do I have to return his deposit?

Theoreticaly the deposit would be non refundable, what good is a deposit if they can continue shopping until a deal is found. Usually these things are discussed prior to accepting the deposit. Could be a negotiating tool, try one of your own.. . If he expects deposit back tell him you are very sorry but you spent the money and you promise to repay him as soon as the boat sells. This will be a hard position for him to get angry with and may force him back to the deal.

Don

Normally no, that is what a deposit is for

The deposit is your's unless you guys signed something strange. Do not offer a refund or even suggest there could be one coming in the future. This makes his better deal less better by the cost of the deposit. I would guess he will take it after all.

I personaly would not give it back, although the position of the buyer may be different and who knows what a pissed off buyer is capable of.

He told me to rip up the check. My guess is that he put a stop payment on it. That will teach me to take a deposit in check form. Lesson learned for me, I will only take cash deposit's from now on.

I've had 4 more calls so I guess the word of the day is "Next"!

Thank you for all of your help everyone.

If you wanted to push the point you could take him to small claims if he put a stop payment on the check. It may not be worth but but now you know to get cash next time.

Cash or a cashier's check and something in writing that states a non refundable deposit. Court TV programs are full of cases like this. Hope your boat floats in someone else's marina and the money is in your hands!