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I have received a deposit on a caravan I am selling on Trade Me.I gave the buyer a receipt stating the money had been received on that date,what it was for,including my details and the caravan reg number.No notation made that the deposit was fully refundable. Buyer has now pulled out of the agreement stating the bank would not give him the money and that his car was unsuitable to tow the caravan.We had upon his request checked the towbar manufacturing plate and had stated to him the fact that the towbar braked capacity for towing was 1250kg,the dry weight of the caravan is 990kg.Am I legally required to give the deposit back?

Hi There,
The fact a deposit was paid is the beginning of a contract that states "I intend on purchasing this item". Unless this contract had conditions, (eg subject to finance) on which the deposit would be refunded. There is no obligation to refund.

I have just found myself in a similar situation - Is this still the law as the Buyer is now threatening me with legal action to reclaim the deposit. They withdrew as they has a water mains burst and cannot afford to proceed. No issue was raised with the Van.

Hi there,
While it may draw upon morals in some circumstances, I can't see any requirement stating that a deposit must be refunded if there was no conditions or terms of refund discussed when the deposit was handed over.