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What is a good faith deposit?
A good faith deposit is a deposit put down on a large ticket item to show you are serious about buying it. It can be any amount agreed to buy the seller and buyer. Sometimes it holds a space or reserves something.
If you put a good faith deposit on a condo and find that there is a lien on it can you back out?
Your realtor can answer your question. There is usually a period between the payment of the good faith deposit and closing, during which you investigate matters involving the purchase of this property. In turning up a lien, you've done your job. Whether you can obtain a refund of your deposit or not, depending on whether or not the lien was disclosed or required to be disclosed, is a matter that your realtor can advise you about. If you want to 'back out' of your offer, this may not be the best valid reason to do so, given that in the course of transferring title, the lien must be satisfied in order for clear title to pass to you. This process is pretty automatic.
Can you get a good faith down payment returned from car dealer after fiancing fell through?
Laws concerning good faith down payments vary from state to state. If financing fell through you more than likely can get the deposit back. It will depend on what the contract that you signed says and the state you live in. I would advise you to contact your state attorney general.
Can you get your money back on a postal order?
Yes, take it back or just write yourself as the pay to & deposit. You know it's "good".
Who holds the down payment?
The down payment and good faith deposit are often confused as one and the same. The down payment is the amount of cash a Buyer puts in to a purchase of a property. Example: John Doe is buying 100 Main St. for $100,000. Mr. Doe is applying for conventional financing with 20% down. Therefore, his downpayment would be $20,000. The good faith deposit is the amount of money given by the Buyer to the escrow agent in a real estate transaction. The escrow agent is usually an attorney for the seller or a title company. The good faith deposit can be the entire amount of the downpayment, or a portion. This is determined in the contract of sale.
Do you have to return a security deposit by mail?
As long as you get your security deposit back, it doesn't matter how he gives it back to you.
Can you get a deposit back from private party if you weren't able to obtain a loan for the vehicle?
You can always ask, but the seller assumably held the vehicle in good faith that you would complete the purchase and possibly lost the potential sale of the vehicle to other buyers. By placing the deposit you were assuring the seller that you had the means to complete the purchase, which you did not (unless otherwise discussed or agreed). The deposit is forfeited unless the sale failed to materialize due to error, omission, or fraud on the part of the seller. If an agreement was made otherwise, you may have grounds to recover the deposit.
Is a good faith deposit on a house binding to the seller if the party wants to purchase?
No. A "deposit" is not a payment, but rather part of the offer to purchase. An offer is not "binding" on anyone until it is accepted. Many sellers would make a counter-offer, which is not binding until accepted by the buyer...
Put a deposit on a bedroom set out of the newspaper changed your mind Can you get your money back?
Legally, they are allowed to keep your deposit although if they are nice enough they will hand it back. That is one of the reasons why a deposit is made, usually they will not give back a deposit as the buyer is putting the seller out of pocket. thanks.
What does repose faith in me mean?
Repose means, stand back, sit back. Faith means, believe, hope. Repose faith in me must mean that the faith you have should stand back.
What is an unsecure personal loan?
It is a loan based upon your signature and good faith, with good credit history, and a job, that you pay back
Can you change your mind about buying custom made furniture after a deposit has been made?
There is nothing to stop you from changing your mind. The question is whether the company will return your deposit. Usually, a company will want to keep its customers happy, and will work with them in good faith. Still, it does not mean they are obligated to return the deposit. Just act appropriately, explain your situation, and hopefully they will have no problem returning your money.
