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Under what circumstances could I lose my deposit?

If you have a contract on a property, your risk for losing your deposit rests upon that contract. Most contracts have specific contingencies for a home inspection by a certain date, mortgage commitment deadlines, and closing deadlines. If the inspection results are not to your liking, there is usually an opportunity to negotiate work to be done, changes in price, etc. However, any changes that are made from the original terms, conditions, and deadlines in the contract need to be agreed upon IN WRITING by ALL parties. This must be done BEFORE the deadline in your contract in order to keep from potentially losing your deposit.

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