Re: Ask a Realtor anything
Actually that's not what happens. The only way a deposit can be kept by the seller is by a judges order or by written mutual consent. If a firm deal blows up, in virtually every case, the buyer and seller sign a mutual release and the deposit is returned to the buyer and the Realtor gets nothing. Even though the buyer has signed a binding agreement, the seller usually releases them because they don't want to spend years in court and during that time, they can't sell their house to anyone else.
Originally posted by veryold
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