Down Payment
"Is a down payment refundable?"
Quick Answer
An initial, upfront payment made at the time of finalizing a contract, establishing commitment. In Turkish law, it is often treated as earnest money or a penalty depending on drafting.
Scope and Legal Distinctions
A down payment may be credited toward the price, treated as earnest money or given another contractual function. Its label does not establish an automatic right to keep it after cancellation.
What to Check in Practice
Specify the amount's purpose, refund conditions and completion date; preserve the signed contract and transfer evidence.
Sources & Authorities
Statutory framework and official guidance for this definition.
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