Refund – in the Conveyance procedures, namely in cases where the property buyer does not acquire the title due to fault of the seller/vendor to deliver it in the agreed terms and conditions, then the buyer is entitled (depending of the local jurisdictions) to ask for refund of the purchase price if already paid. In the practice, it occurs in situations where the buyer makes off-plan real estate purchase, and pays several installments as the building goes on, but the developer fails at the end of the day to deliver a completed real estate. The refund is either voluntary by the seller, or to be achieved via court decision in favor of the buyer. Synonyms are “rebate” and “reimbursement”.

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