If made in good faith by both sides - but in this case, it does not look like the landlord and/or agents are acting in good faith (i.e. with the intention to close the deal as quickly as possible), so the prospective tenant should be able to get it back I believe.the lynx wrote:Pardon me, but isn't good faith deposit not refundable?
Thanks for the comment. Yes, I have checked and the agent is registered and fully legal.JR8 wrote:I consider the good faith deposit as akin to a 'performance bond'. A lopsided one though, i.e. if the tenant changes his mind, the bond is lost.
Not so in the case of this Landlord in this case it seems. He doesn't want to sign a TA, or return the depo. I wonder if he's done this to more than one person? Either way, it sounds very dodgy.
Have you checked that this realtor/agent is registered and fully legal, per the SG authorities? ... https://www.cea.gov.sg/cea/app/newimplp ... ister.jspa" onclick="window.open(this.href);return false;
Thanks for the comment and sharing the case. Note taken. I will contact the agent for refund and see what he will say.x9200 wrote:LOI is worth nothing and has no legal bonding power so if good faith deposit GFD is a part of it, it has to be paid back.
I did the whole paying-back thing with our last house hunting exercise. After the LOI was signed by all the parties we changed our mind and decided that we were not comfortable with the LL and demanded the GFD to be paid back and it was paid to us without any fuss.
Thanks, AngMoG, for the advice. We will definitely take that into consideration. Like I mentioned, at this point, we feel very uncomfortable with the landlord and the agent, and looking to get refunded and better find a new place with less headache.AngMoG wrote:chapung,
Yes, legally you are in the right that you can demand the deposit back seeing as the TA is still not signed. However, are you prepared to go to court over that?
I would push very hard (daily SMS!) to the agent about getting the TA signed, until you either get a reply that it is ready or that the landlord decided to go with a better offer. Give a clear deadline (5 days?) by when you want to either have the TA signed, or the deposit refunded.
Hi missfong02,missfong02 wrote:Hi chapung,
Just wondering if you managed to get your booking deposit back?
I am in a similar situation, though my LOI states that if they both parties don't agree with the TA (which we had provided to them and received no acknowledgement) by a certain date, they had to refund the booking deposit within 7 days.
They are refusing to pay us the deposit based on the rationale of "opportunity costs" and capital costs for conditions in the LOI (i.e. general cleaning, whitegoods).
Would be good to know what were your next steps and the outcome.
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