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Old 03-28-2024, 04:27 PM
manaboutown manaboutown is offline
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Try to make sure your deposit is refundable if your contingencies are not met. Nonrefundable deposits are just that, not refundable, can have their uses under certain conditions and may become necessary in the acquisition of residential properties during sellers' markets. One can also split a deposit into refundable and nonrefundable portions. It is all part of negotiations. Asking a seller to take a home under contract off the market during a buyer's due diligence period might be a reason to provide a nonrefundable deposit. If the seller can continue to show the property for back up offers, maybe not. A good buyer's agent can help as they are up on current market conditions. Be aware the listing agent usually works for the seller although many agents try to be transactional agents or even try to obtain non-agent status to limit their liability.

Here is the Florida statute governing the various types of possible real estate brokerage representations and non-representations.
Chapter 475 Section 278 - 2023 Florida Statutes
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Last edited by manaboutown; 03-28-2024 at 04:40 PM.