Legal Question in Civil Litigation in New York

Are deposits automatically refundable?

I have sold a couch and recieved a deposit. How long do I have to hold the couch for the buyer? If they decide they do not want the couch, do I have to return the deposit? I had another opportunity to sell the couch in the meantime.


Asked on 9/26/05, 11:22 am

2 Answers from Attorneys
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Are deposits automatically refundable?

In the absence of any other discussion with the buyers, 30 days seems reasonable. Make sure if you find another buyer that you get a dated receipt for the sale.

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Answered on 9/26/05, 12:54 pm
Mark S. Moroknek Kelly & Curtis, PLLC.

Re: Are deposits automatically refundable?

Obviously it depends on your agreement. If you agreed to wait until a week from thursday before you sold the couch, then that's why you got a deposit.

But if the buyer is overdue, you can sell it and refund the deposit. You can't legitimatly do both, although you'd be surprised how many people try to.

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Answered on 9/26/05, 1:09 pm


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