What Specific Conditions Should I Require in Writing to Protect a Refund?

It depends on the written agreement. A refundable reservation deposit generally hinges on clearly stated refund conditions in the contract. Before you pay, ensure the document specifies exactly when a refund is available, what portion (if any) is non-refundable, and the deadline for withdrawing. Look for a defined due‑diligence period that allows you to review title, permits, and other risk factors; the clause should spell out what happens if issues are found or if the seller delays. The contract should also set out what constitutes a 'failure' or 'breach' that would trigger a refund, and whether any administrative fees apply if you withdraw. Verbal promises are not reliable, so demand a written addendum or rider that survives any subsequent changes. If funds are placed in escrow or held by a third party, specify the release conditions and timing. Finally, have an independent adviser review the wording to confirm it matches your transaction and local practice, and keep copies of all written communications as evidence.