Private sale with deposit.

Barr

I was just wondering if you sell a car privately and take a deposit to hold it for someone.

Then say the buyer comes back a week later and says he doesn’t want to take the car are you obliged to return the deposit?

guil

i wouldnt, most places deposits are non refundable so why should you do it

jaffa20

Don't understand why people think a deposit should be refundable! What's the point in a deposit in the first place if it would be refundable?

-Chris-

I wouldn't return it.

The deposit says "I'll hold the car for you and if someone else calls about it I'll tell them it's sold". If you've forfeited other sales opportunities due to accepting the deposit, then it's entirely your right to keep it.

richardsheil

I agree with all that. That is what a deposit is for.

However one time it happened to me. I decided to return the deposit as I felt it was cheaper than broken windows or whatever else awaited me if I held on to it.:mad:

alias no.9

It really depends on what you agree on when the deposit is placed.

You could say it secures the car and takes it off the market for a specific and agreed time period and is non refundable.

You could say to them that the deposit secures first refusal and is refundable, i.e. you will continue to show the car to others and if another person makes a serious offer, you can get back to them and give them a day to complete the sale, otherwise you'll sell to the other party and refund the deposit.

Talk to the person and come up with something that suits both of you, write it down and both sign it. Make sure it includes a time frame.