Buyer has already paid earnest deposit for a property. On goodwill grounds, seller extended the 14-day grace period TWICE to at the request of the buyer to give him more time to secure financing. After 7 weeks, buyer asked if he can get back his earnest deposit as his loan was approved with the condition that he has a guarantor, but he couldn't find one. So the buyer decided not to proceed and requested for the deposit to be returned.

In this case, who has the rights to claim the deposit? Is the property agent also entitled to a share of the deposit as well? If the agent returns the deposit to the buyer, is the seller allowed to claim liquidated damages as the property was out of the market for 7 weeks?