Latest insights from our experts
Posted 25 March 2015
Cancellations – what happens to the deposit?
It is commonplace for park owners to obtain a deposit for the sale of a holiday home or residential park home to provide both parties with the confidence that each will comply with their obligations.
However, on occasion, buyers can change their mind and cancel the purchase. The main question that arises is can the park owner retain the deposit?
The answer generally depends on the contract’s terms and conditions such as whether there is a cooling off period and whether cancellation has occurred outside of this cooling off period. For this reason park owners should address the issue of deposits within their contracts, ensuring any terms comply with any relevant legislation.
If you have any questions regarding cancellations and deposits or if you are interested in subscribing to our Parklaw service contact the parks team by telephone on 01392 207020 or email firstname.lastname@example.org