DIFFERENCE BETWEEN DEPOSIT AND PART PAYMENT IN A CONTRACT OF SALE OF LAND

- BIYO V. AGU

• Deposit is some token payment and is non-refundable in the event of default by the purchaser.

• Where Deposit is paid, contract is not finalized. Vendor is not entitled to forfeit.

• For part payment, the parties have agreed on the contract already and the payment is a portion of the purchase price. The vendor can recover part payment as a debt.