Need urgent advice from all sifus. I am a first time buyer and got cheated by the agent as well. Now risking my earnest deposit because the agent kept telling me that it's not refundable. Based on the below points, can you advise if I have a chance?

1. Agent said can get 90% despite the fact that the property is under commercial title. I checked with most banks and the reply is 80-85%. My loan approved for 85%.
2. Valuation, again he promised sky and moon and the highest valuation is only 90% of the purchase price.
3. 50% Stamp duty waiver does not apply to commercial title while he said can. After checking with the lawyer, the answer is no.
4. Assessment tax and quit rent, he told me assessment tax is RM400 per year. Based on the assumption of RM1200 rental per month x 12 months x 12%, it is much more than RM400.
5. I had wanted to insert the clause that the deposit is refundable if loan is rejected but he insisted that I can't put it down as it is not a standard clause. Being an inexperienced first time buyer, I let it go.

I have already written to the agency but have not received any reply and plan to take the matter up to Consumer Tribunal.

What do you guys think? This is a clear case of misrepresentation by the agent right? My challenge is that most of the conversation are verbal, how do I prove my case?

I got cheated by Reapfield agent so can't agree with you. The bugger just wanted to make a quick buck and ruined the company's reputation. I believe Reapfield is still a good real estate company but can't say the same about their agents.

Again I disagreed due to my recent experience. My agent is the aunty agent and the seller's agent is a young chap who bulls his way around (too late for me to realize thanks to my inexperience) and both are from the same agency. The aunty agent is very pushy and kept telling me that it's a good buy and I need to close the deal before end of this year otherwise all prices will go up next year. Even mentioned GST as one of the factors until my friend asked her why as GST will only be implemented in April 2015.

Hi Roy, no it's not a Serviced Apartment and also not under HDA. Property I booked is Empire Studio, considered Office Suite as stated in the bank offer letter. One of the banks managed to get the exact same valuation verbally but letter of offer still depends on the actual valuation which worries me a lot as the offer will depend on valuation (85% of valuation instead of purchase price). If the formulae I have derived is correct then it's around RM2K based on monthly rental of RM1,200 and 12%. Residential property is 6%.

I see that you're a Real Estate agent and do you mind to share if I will be successful at getting back my earnest deposit based on the arguments above?