Life / Homes  Buyers out $10,000 as house deal falls apart
Court case shows a buyer must be careful before putting down a
deposit on a home they're not certain they want to buy.  Buyers
need to be sure they want to buy a house before they put down a
deposit - they might lose it if they change their mind.  Keith
Beaty / Toronto Star Order this photo   The Star Policards: 0
Councillors mentioned in this article  If a house deal falls
apart because the buyer can’t close and the seller then sells
the property to someone else for more, who gets the deposit?
Here’s what can happen:  In early September 2003, Shankar Iyer
and Bala Ramachandran agreed to pay $289,000 for a new home from
Pleasant Developments Inc. They accompanied their offer with a
$10,000 deposit and the builder accepted it on September 16. The
buyers got cold feet and the next day changed their mind, asking
for the return of the deposit.  The builder refused to return it
and resold the house for $700 less than the original deal, but
kept the depos