Good points from most people. The one item of significant value that I sold involving a deposit was my 2010 Dodge Challenger. The individual said he wanted to give me the 10K deposit in cash, and of course, I keep vehicle until remaining balance paid off.
I made it real easy as I said, and I set it up to keep 1K of the deposit, he told me, after I wrote it up, that he was expecting I'd keep all deposit. I told him no, that's just not my way. And I said if he had a honest reason for backing out, and just let me know, that in all reality, I'd probably give it all back.
I also told him, in writing, I would not drive the vehicle, unless necessary, such as if my daily driver was inop etc...
Really these transactions can be very easy and don't have to have a lawyer writing everything up. Just be reasonable in what you ask, and treat the other party like you want to be treated, and it will go just fine.
As WRVPO points out, you can spend forever and a ream of paper documenting all the potential scenarios, and what the course of action is. And worse case, you may be out a couple of weeks of lost time in sales.
Mike
