Hi All,
I am selling and at the contract stage and have noticed that the purchasers have put in a special condition for them to get back the deposit if their loan approval is not valid or approved and that they can rescind the contract and get their deposit back in full, with no interest charges or penalties.
Is this condition normal? and should i just go along with this, and what is the point of a deposit if they can just rescind it anyways and get it all back?
I am selling and at the contract stage and have noticed that the purchasers have put in a special condition for them to get back the deposit if their loan approval is not valid or approved and that they can rescind the contract and get their deposit back in full, with no interest charges or penalties.
Is this condition normal? and should i just go along with this, and what is the point of a deposit if they can just rescind it anyways and get it all back?