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Is making a deposit non-refundable legal?
I have a car up for sale. Someone is interested and they say they want to give me a deposit to hold it for a couple days. That's only OK with me if it's a) enough money and b) legal for me to make it a non-refundable deposit in case he doesn't come back.
The car is $600 and I'm requiring at least $200 down. Is it legal for me to draw up a contract stating absolutely no refunds? No changing your mind, etc. Say he gives me the deposit on Sunday and says he'll be back on Tuesday to pay and pick up the car, but calls on Monday saying he changed his mind-would I have to give him his money back? The thing is, the car is so cheap I've got lots of people calling about it but he has the first appointment to look at it. I don't want to have to turn someone away because of his deposit only to have him back out and end up losing out AND having to give him the deposit back. I realize I can say no to him but I've also GOT to get rid of this car so I don't want to turn away any prospctive buyer. And I don't mind waiting a couple days for him, just as long as I can keep the deposit if he backs out. Also, please help me with what all to include in the contract for everyone's protection. |
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Yes, that is the reason you ask for a deposit, if they could just ask for it back, there is no reason to get one to start with. Make it clear 1. amount of the deposit, 2 on what date the deposit will default ( when they have to pick up and pay for the car by) and that it is not refundable |
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Also be sure it big print, that he even initials you have on it NON Refundable and also "sold as is" If you area requires a vechile inspection and you know it will not pass, that should be clearly stated also. But be sure and post a time limit, since for example, you don't want him to claim that he gave a deposit and will come back in 2 years to get car. |
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