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If the contract is water tight, why do it? If you are doing them (vendor and agent) a favour, then they can do you a favour. That seems fair. But them getting you do do something that exposes you to the risk of losing your deposit and not being duly compensated in return? That seems unfair.

I don't think it really matters. He could say one thing and it might be another. Maybe he wants to flee the country and go live in Thailand or pay off his son's drug debt. The risk is still the same for the purchaser.

Could the price be renegotiated to account for this risk? e.g. If the deposit is $20K then release it but the purchase price gets likewise reduced $20K. You might want to ask for a bigger drop in the purchase price if you perceive the risk to be high.