[Tracey02093]

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?

[newaukumdon]

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

[Fr_Chuck]

Normally no, that is what a deposit is for

[ballengerb1]

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.

[newaukumdon]

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.

[Tracey02093]

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.

[ballengerb1]

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.

[shygrneyzs]

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!