The above listed description in Japanese (refereneced here for convenience) http://allabout.co.jp/r_house/glossary/words/w002207/手付解除/

is very adequate. However, Deposit Release in English refers to the release of the deposit to the seller for the sellers use, not to the 解除 or cancellation that the Japanese refers to.

http://www.mcpgroup.com.au/downloads/reading_room/property_r...

A good explination in Japanese can be found here:

http://www.e-sumaisagashi.com/new_page_16.htm

So, in order to find a _somewhat_ standardized reading for this concept (which is common in Japan but not in the US), please refer to this English translation of the Japanese Civil Code:

http://www.japaneselawtranslation.go.jp/law/detail/?ft=1&re=...

This site is generally useful in researching terms related to the civil code. I have excerpted this site below.

第五百五十七条　買主が売主に手付を交付したときは、当事者の一方が契約の履行に着手するまでは、買主はその手付を放棄し、売主はその倍額を償還して、契約の解除をすることができる。
Article 557　When the buyer delivers earnest money to the seller, the buyer may cancel the contract by forfeiting his/her earnest money or the seller may cancel the contract by reimbursing twice its amount, until either party commences performance of the contract.
f

--------------------------------------------------
Note added at 2 days15 hrs (2010-08-04 23:19:53 GMT)
--------------------------------------------------

There is a typo in the title of this entry. It should read: "Cancellation by forfeit/reimbursement OF Earnest Money"

Please not the "of" is necessary to make this statement grammatical.