Will agents refund a deposit on an apartment if you can't go through with a purchase?

agnes · 26th August 2007, 16:54

When you pay deposit on an apartment, do you have a cooling period, should something crop up and you are unable to go through with it, or do you lose out on your deposit completely? Anyone advise me on this?

PeterRayner · 26th August 2007, 17:11

it depends...did you sign a purchase contract with the deposit.

If so there may be some circumstances which allow a refund but I wouldnt be too hopeful.

Janet · 26th August 2007, 17:15

It depends, to some extent, on what sort of deposit you're talking about. If a holding deposit, then there are one or two agents who would return it simply because of a change of mind, but most would insist that there would need to be a legal impediment to the purchase. If a full 10% deposit, then you are unlikely to get it back unless there is a problem with the property.