The Short Answer

In Florida, whether you can keep a buyer’s deposit (or must return it) depends heavily on the type of transaction and the contract terms. For certain transactions—most notably timeshare purchases—Florida law gives the buyer a non-waivable cancellation window, and a timely cancellation generally requires a refund of payments within a specific timeframe.

What Florida Law Says

Florida has specific statutes that control cancellation rights and deposit handling in certain consumer real-estate-adjacent transactions. A common example is a timeshare purchase: the buyer may have a statutory right to cancel within a defined period, and that right cannot be waived. If the buyer cancels within the statutory window, the seller/developer generally must refund payments (subject to limited reductions tied to benefits actually received, where applicable).

The Statute

The primary law governing this issue is Fla. Stat. § 721.10.

This statute establishes that a timeshare purchaser has the right to cancel until midnight on the 10th calendar day after the later of (1) signing the contract or (2) receiving the last required disclosure documents, and that a timely cancellation triggers a refund obligation within the statute’s stated timeframe.

Why You Should Speak with an Attorney

While the statute provides the general rule, applying it to your specific situation is rarely simple. Legal outcomes often depend on:

• Strict Deadlines: Under Fla. Stat. § 721.10, the cancellation period runs until midnight on the 10th calendar day after the later of signing or receipt of the last required documents, and refund timing is also controlled (generally within 20 days of demand or 5 days after cleared funds, whichever is later).
• Burden of Proof: Disputes often turn on what was delivered and when (e.g., whether and when required documents/notices were received), and whether the buyer’s cancellation notice was timely and properly given under the statute.
• Exceptions: Not every real estate deal is a timeshare deal, and deposit rules can differ significantly by transaction type and contract language; even within a statutory framework, issues like “benefits actually received” and escrow handling can change the outcome.

Trying to handle this alone can lead to avoidable disputes over escrow, refunds, and contract liability—especially when the buyer claims a statutory cancellation right.

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Disclaimer: This article provides general information under Florida law and does not create an attorney-client relationship. Laws change frequently. For legal advice specific to your situation, please consult with a licensed attorney.