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Earnest deposit

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Joined: 17 May 2011
Posts: 1

PostPosted: Tue May 17, 2011 9:36 pm    Post subject: Earnest deposit Reply with quote

Need all BIG BIG sifu help on my matter below:-

I have paid the booking fees with 3% to buy the house which total RM110k. In my booking slip it stated clearly that "if loan no approved, the vendor will fully refund the earnest deposit". Now i applied 2 loan, and one is accepted and one is rejected. Rejected one i dun wan to mentioned d. For the accepted one, i kena con by the agent who approach me to said that OCBC is offering me 3 years lock in period and legal fees will be borned by bank. however, it turn to nightmare as i received the OCBC letter of offer to said that 5 years lock in period and legal fees will be bear by myself. As such, i have spoken to the OCBC agent and she did said is her fault.
Now i dun wan that 5 years lock in period as too long for me and that legal fees i need to bear is big burden for myself. i would like to call off the deal.
What if i provide the rejection letter to the vendor. can i use the above clause stated in booking slip to ask for my full refund?

for your information, the above 2 loan application is recomended by the vendor's real estate agent.
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Joined: 31 May 2011
Posts: 6

PostPosted: Tue May 31, 2011 2:36 pm    Post subject: Reply with quote

dear poster
i am no sifu but im a student that learning this course
according to the classes i attend, earnest money is the amount of money from the deposit that we need to pay to show our seriousness in obtaining the property. according to the normal custom, the earnest money should not be given back to the purchaser if he wanted to forfeit in buying the property, in your case, you cannot have the loan. in your case too, there is a contract saying the earnest money will be given back if you decided not to buy. since there is a documented agreement, the sellor are bound to pay back your money

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Joined: 11 Jun 2009
Posts: 606

PostPosted: Wed Jun 29, 2011 12:45 pm    Post subject: loan advices are not recommendable by agents Reply with quote

Actually, real estate agents are not recommendable to provide loan advices since they are in no position to give financial assistance nor profesional advices on such important matters pertaining to the task.

However, for convenience and almost an easy reference to close the negotiation, it is almost part of the whole matter. If so, then, you should check with the banker to verify your loan margin and whether the price is a good buy for yourself, not upon the agent's recommendations.

Otherwise, it does seem the meaning of the word 'buyer beware' is exactly what you have got yourself into. Hopefully your refund of whatever earnest deposit is good and rightfully, so since this is your money. Some kind of trust should be placed on holding client's monies by real estate agent firms, that's my opinion.
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