Quote:
Originally Posted by calculoso
As far as I'm aware and it is likely not quite this simple, but if there is a firm sale on your house (ie: conditions removed) and the buyer walks away from it, you still get the deposit. I also believe the deposit is usually at least 5% ($50k on $1MM), which should more than cover any debts until the next sale.
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Yes, you are right that you can keep the deposit if conditions have been waived, but chances are you have also waived conditions on the purchase of your new place, which means you would be liable for your deposit as well. Assuming you're trading up (which most do), your deposit out will be more than the one in. It may force people to stay in their current home if they can't find a new buyer.