What can the Seller do if it is selling vacant land and the buyer must rezone the property to utilize it for its intended purpose? Depending on the specific circumstances, this process can take six months to a year, often longer. To compensate the seller for this extended delay, i request that a portion of the deposit be nonrefundable if the sale does not close. The deposit is credited if the sale takes place. At least the buyer receives compensation for keeping the property off the market for an extended period of time.
Mitch