Re: Forfeit of deposit Yes or No ???

Posted by D.B.in Mi. on March 05, 2007 at 17:37:26 from (208.53.107.20):

In Reply to: Forfeit of deposit Yes or No ??? posted by Sam F. on March 05, 2007 at 10:05:36:

It has always been my understanding that a deposit is a verbal contract to purchase your item. If the buyer does not come thru with the rest of the payment in an alotted time the buyer forfeits his deposit. While you are holding the items for him , that he did not finish paying off, you might have sold that item to someone else. I say you are safe to keep it and I think if you were to contact someone in the law field , they would probably tell you the same thing.

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