Questions & Answers
Claiming deposit from a real estate agent due to mistrust
Hi,
We are quite new in this country; only a few months. We thought that it is a good opportunity to buy a property without seeking legal advice. Unfortunately, we have attempted to buy a property, but we have ended up having more problems.
Currently, we have a dispute with the seller since we have asked our deposit back as the bank valuation came a lot less than the mutually agreed property value.
We have also experienced some other issues that have broken our trust in the real estate agent so we simply want to call off and cancel our contract.
In the contract, there is a section which sets a condition that if the valuation comes lower than a certain amount, this contract shall be cancelled and the deposit should be returned to us, but unfortunately, the amount is missing there.
I was wondering if I still have a valid case to ask my deposit while there isn't a defined amount, but the condition itself is there?
Dear Questioner,
Further to your inquiry, we would like to shed light about the section says that:
If the valuation comes lower than a certain amount, this contract shall be cancelled and the deposit should be returned to you.
You have the legal right to breach the contract and get your money back as well.
But, in order to be accurate in my advice, you should provide us with a copy of the SPA for reviewing and raise up our recommendations with you.
Please feel free to email us.
Looking forward to your reply.
Thank you.
Dear questioner,
We can help you in this case.
Kindly schedule a meeting with us in order to comment further and assist you in a better way.
Kindly contact us via phone for a detailed discussion or write us an email for further assistance.
I have to see the contract, you can call me.
