“This mutually accepted agreement is the plan for the transaction. It creates legal rights and obligations for both parties. If you are buying a house on contract, there are rarely provisions that are written into the contract to offer you some type of refund if you change your mind about the property. If you want to live elsewhere, you simply need to move away from the house and the seller can keep all the payments you have made as well as the property. The closing date of the sale should be included in the sales contract and the provision that any change in the conclusion must be agreed in writing. Ownership of the property is usually transferred to the buyer by the indicated deposit deadline. Most importantly, the closing date marks the transfer of ownership from the seller to the buyer. This promotion can finally be recorded in a sales contract. The sales contract often involves serious money requirements. In return for the buyer`s serious money deposit, the seller withdraws the property from the market. At the end of the purchase, the deposit of serious money is charged to the purchase price.
When the contract is terminated in accordance with the terms of the contract, the serious deposit is usually returned to the buyer….