Contractual conditions1 usually provide that if the buyer fails to complete the seller may forfeit the deposit, re-sell the property and bring a claim in damages against the defaulting buyer to recover loss in excess of the forfeited deposit, including the costs of re-sale or attempted re-sale2. Credit must be given for the amount of the forfeited deposit and any compensation already paid by the buyer under the terms of the contract. The buyer cannot call for an account of the surplus if the seller achieves a higher price on re-sale3.
The right for the seller to forfeit the deposit
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