From FoxBusiness.com….
A question that comes up very frequently upon signing a purchase agreement is, “What happens if a buyer backs out?” The seller always wants to know whether he or she will get the deposit.
I wish the answer was black and white. If that were the case, many attorneys would be out of work.
Deposits are generally forfeited unless all contingencies are met and it can be proven that there is a failure to perform or failure to disclose on the part of the seller.
