If the transfer doesn’t close, what happens to the deposit?

Updated March 13, 2023.

If the transfer fails to close because a contingency cannot be satisfied, it gets returned to the buyer. Similarly, the deposit is returned to the buyer if the transfer fails to close as a result of the fault or breach of the seller, in addition to which the buyer may be entitled to sue the seller for any damages sustained as a result of this breach of contract. However, if the transfer fails to close as a result of the fault or breach of the buyer, the buyer may be required to forfeit the deposit to the seller. In addition, the seller may also be entitled to sue the buyer for further damages sustained as a result of the breach of contract.

FEATURED NEWS AND ARTICLES

Read our latest news and blogs that discuss important legal issues.

person looking at their retirement plan
Maximizing Your Estate Planning Goals Through Beneficiary Designations on Retirement Accounts
Read More
gavel on top of money with two wedding rings
How Long Will I Have To Pay Alimony In New York?
Read More
child support agreement
What Happens If I Don’t Pay Child Support?
Read More

Get in touch

Please do not provide any sensitive information (i.e. bank account information or social security number).

"*" indicates required fields

Name*
Why Choose Lacy Katzen

Our mission is to ethically serve our clients with excellence and teamwork each day.

75 Years of Experience
Nine Attorneys Listed in Best Lawyers in America®
Ranked by Best Lawyers as a Best Law Firm®
Six Attorneys Named as Super Lawyers
One Attorney is a Fellow at the American College of Trial Lawyers

Accessibility Toolbar