Dear LYN,

I have a property that I would like to sell, the "deal" was in December but the bank took until now to revert they have just approved the loan.

However before the loan being approved, I have told the banker that I want to withdraw from the deal as it has taken too long to even get the "approval".

Anyways, now I withdrawn from the deal and refund the deposit. They are arguing that I need to refund double the amount.

Can anyone clarify this? They gave me deposit directly but there is no paperwork or anything from either of us or even the bank.

Please clarify.

no signed agreement stating double refund, just don't care.

True. Noted with thanks. A quick question tho, do I have the right to forfeit the deposit? I will definitely refund them but I want to know my rights as well coz the person I am selling to keeps saying I need to give her double... I could argue back that I can even forfeit your deposit...

If you didnt sign any black and white about the first deposit, which is what Property agent usually do. then nth can be done. Is just like friend borrow money to friend. You can't 100% say you have right, because she can use her bank transaction history and the loan application date(even if taken too long) and file a report. Becareful dealing money without black and white.

If you have signed a black and white, then u are obliged to follow what is written in the paper.

My advice is just give her back whatever she gave to you. After all, peaceful resolution is the best medicine for stress.

Yes... thats right. Thanks for the info.

Guys.... I thought the 3% earnest booking money which is part of the 10% deposit is not refundable?