Wanna ask ah, if say we pay deposit for something, if we dun wan the item then we lose the deposit, what if the person changes his mind dun wanna sell the item then can he just return the deposit or he need to pay me double?

The item is a condo.

coz if just return the deposit then its not really fair, coz he can lock a sale first with me and then fish around, when he find a higher bidder than he just say dun wan sell and return my money.

I just kena a case, paid 5k deposit Pandan Perdana Heights, the owner still din take down the for sale sign, I ask him to do so he say will do after signed the S&P, 1 week later he call ask me take back deposit say decide not to sell which I think he BS, he got another buyer.

I'm not trying to benefit from the deposit, I'm angry because he made me waste so much time running to the lawyer and bank, and now I might have to pay the lawyer coz they already drafted the S&P. I want the condo not my deposit.

I'm just trying to find ways so he cannot sell to another higher offer which makes deposit totally meaningless to buyers.

So I just realized how unsecure and unfair a deposit can be, and like no protection at all to buyer.

what else can I do in this situation?

you can claim double, if you do have a valid receipt for it. But you cannot claim for lawyer fee.

We have a simple piece of paper written contract that such condo is sold to me, 5k deposit, sign by both buyer and seller.

Good enough if there was a lawyer involved. You can sue him for breach of contract.

This post has been edited by wodenus: Dec 27 2009, 11:56 AM

You can only sue him if there is a clause written in the contract that if he breaches the contract, he will pay you double. If there is only a simple paper involved, you can only claimed for damages.

if this is the case then next time if I pay for deposit if lets say I change my mind I dun wan can I take back my deposit or do I lose my deposit?

When I purchased my house, I drafted a letter of intent to purchase the house and we (buyer and seller) signed it.
The letter of intent has a Exclusive Opportunity clause basically said that the seller cannot negotiate with other party to sell his house until the time stated in the letter of intent lapsed.

Google for the letter of intent and draft your own wordings.

You have to sue him to claim for damages right? otherwise how would you do it?

You lose your deposit.
I've a friend who deposit RM 300k for a palm oil land, and when the palm oil price drop vastly, he become scare therefore changed his mind into buying the land. Then the owner forfeit his deposit, and the owner is now having RM 300k in his account.

There are 2 ways in doing. You sue him for damages (Takes longer time). You are entitled for double payback if the owner breach the contract and that happens if only there is a clause in the contract.

I've always ask my lawyer to include the clause in the contract whenever I intend to buy properties.
1) The owner will think twice before forfeiting the contract
2) In the end if the owner does not want to sell, I will have extra money.

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Added on December 29, 2009, 12:22 pmYou have learned your lesson. So next time always ask your lawyer to include a clause stating that is the owner forfeit the deposit, he will have to pay double.

This post has been edited by edyek: Dec 29 2009, 12:22 PM