Legal Question in Traffic Law in Wisconsin

Changing Mind About Buying a Car from a Private Party

The amount of any advanced deposit which is refundable usually depends upon your deposit agreement. In residential real estate transactions, "earnest money" paid by a potential buyer upon reaching a sales contract with the seller is often lost by the buyer if he or she changes his mind. These details are best negotiated before the deposit is made. Since there is much truth to the old adage that "possession is 9/10'ths of the law," the buyer would usually have the burden of proving that the contract calls for the seller to give the money back. If the buyer with "cold feet" cannot prove that a refund was required by the agreement of parties, the buyer would probably lose in court.