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I laid down a seat deposit today at a school I am 50/50 on attending. After months of deliberation I still could not make up my mind as to what to do and I chose to go ahead and pay the $250 seat deposit to buy more time. If I decide mid way through the summer I do not want to attend do I just e-mail the admittance office and say I changed my mind? Are their any reciprocation for doing so? Will I get in some sort of trouble?

Pretty much. You will forfeit your deposit (though some schools allow you to reclaim a portion of it depending on the date).

ok, but paying that deposit does not hold be in a binding position?

no, you will be fine