Questions & Answers
Can the buyer get the security deposit if backs out in a property purchase MOU?
Hi,
What if the buyer backs out in the purchase of a property after the internal MOU drafted by the seller was signed?
There was a clause stating the security deposit will be returned upon full payment. Form F from the DLD was not yet signed.
In this case, can we still get the 10% security deposit or not?
You can still claim the 10 percent security deposit even though the Form was not signed.
We would still need to see the documents to give you appropriate legal advice.
You can contact us on our phone to discuss this in detail.
Dear Questioner,
Good day!
With reference to your question, kindly note that the security deposit remittance or return will be applicable only if Form F is duly executed.
However, if there is any penalty clause that stipulates a specific penalty for repudiating the MOU, it can be enforceable by a court of law.
To assist you better, we need to review the MoU and supporting documents, therefore, for further assistance kindly contact us by phone or email.
Best regards
