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Non refundable security deposit - used car

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O

OKCARS

Guest
I require a $250 non-refundable security deposit for the purchase of a used 98 4Runner Price($18250). The deposit will be applied to the price when the buyer pays for the vehicle. The buyer was turned down on the loan and now wants their deposit back. Am I obligated to return the deposit? (I am in NC, buyer is in SC)
 


I AM ALWAYS LIABLE

Senior Member
My response:

If there was a written agreement concerning forfeiture of the deposit money, then no. But, if there wasn't, you must return the deposit.

IAAL
 

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