CNTower
2021-2-4 11:50:34
In most cases, buyer’s deposit will be the first thing they’ll lose, if and when they don’t follow through with the agreed upon transaction. The seller will retain the deposit if the contract stated that they would have the right once the potential buyer failed to meet the specific terms.
There are even more severe consequences that could befall the prospective buyer if they break the rules of their contract, which can include a hefty lawsuit brought down by the seller. In many cases, the would-be buyer can be held liable for the difference in price after the seller manages to sell their home to someone else.