A deposit could be forfeited by the buyers under certain circumstances, such as the buyers backing out for a reason not provided for in the contract. The purchase contract must include the sellers' responsibilities such as passing clear title, maintaining the property in its present condition until closing, and making any agreed upon repairs to the property. It varies from state to state. Under the most restrictive state, the seller and the sellers' broker, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to him and which are not known to, or within reach of the diligent attention and observation of the buyer. In the case of residential properties, the seller must provide the buyer with a Real Estate Transfer Disclosure Statement, which specifies the existence and condition of all known physical attributes of the property.
Sellers are responsible for disclosing only information within their personal knowledge.
In addition to supply and demand, and other economic factors, the time of year you choose to sell can make a difference both in the amount of time it takes you to sell your home and in the ultimate selling price. Generally, the real estate market picks up as early as February, with the strongest selling season usually lasting into the summer. With the onset of summer, the market slows. July is often the slowest summer month for real estate. Many prospective home buyers and their agents take vacations during mid-summer.