Let's say I am selling my own private vehicle and one buyer paid deposit to me with the agreed price. Due to personal reason, I want to keep this car again from selling and willingly to refund full deposit amount to buyer.

Will this brings any issue to me afterward? Legally, I am the owner of the vehicle on paper still.

Only refund full deposit?

You can wait to receive lawyer letter.

This post has been edited by Aftermaths: May 30 2023, 03:31 AM

Like how? The deal isn’t successful, returning deposit to interested buyer and he/she should not lose anything?

Furthermore and legally I’m the owner of the vehicle.

Let’s debate on this kind of topic.

Firstly,
Logic thinking, emotion & feels for each person is not the same.

Your debating only on logic while neglecting emotion & feel.
- Directly speaking is you are wasting the buyer's time whereby he / she could use it elsewhere.
- Normally you've to discuss with buyer & also see whether buyer accept only the deposit.


Wait a second, did you people sign something for the deposit process?
- So what are the TnC?


Normally who can't fulfil promises, he / she had to compensate extra to another party.
- No matter you are a person or a company.


It all depend on your buyer's ability & kindness.

Totally understand your point on time and effort.

Let’s say nothing was signed, and everything just communicated through social media platform. Whatever agreed was buyer pay deposit to reserve vehicle, while seller performs loan clearance, inspection and wait for inspection outcome. If the deal is unsuccessful from buyer side, amount from deposit will be deducted for inspection fee and the rest will be returned. Now seller is not able to sell vehicle and willing to return full deposit to buyer.

I appreciate you sharing your thoughts here.

This is the reason why I hate people like TS. Encountered such scenario. Time waster and act like a saint somemore.

Nonetheless, no documents signed so you are free to walk. He can make a police report but you also will refund back to him. Legally, no contract binding but morally wrong.

You better talk properly with him. If I'm you, I would probably buy him a coffee/meal or refund slightly more. Kindly don't be a trash.

Usually market practice is if buyer cancel no refund deposit.
If seller cancel then refund 200%

Ofcourse u can just refund 100% and ask buyer F off or u can dont even refund (if no b&w earlier).
Buyer also cant really do anything legally (worth the time) to u.

I'll go with that.. be polite, will save you all the hassle.

Legally deposits haa to be fully refunded (u can minus any fees occurred) if either side cancel, but commonly lets not be a jerk and waste ppl time so deposit should be no refund if buyer cancel or 200% refund to buyer if seller cancel.
Unless with valid reasons such as fail loan.

U also wouldnt like joy buyer come say pay deposit buy ur car then cancel no?

Anyway as others mentioned, no b&w agreement so buyer cant really do anything to u.
Unless he/she knowa where u stay and decided to paint your house rainbow colour foc


Btw just a word of advice...FB msg can also be considered b&w legally binding (although no mentioned of cancel process) so if buyer decided to waste his time to pursue in court u are probably gonna lose and judge will decide the compensation

This post has been edited by WaCKy-Angel: May 30 2023, 07:24 AM

buyer can take you to court. deposit is part payment for the item. if he's nice you give back deposit then close case.

if you encounter a tough person then good luck, u might need to compensate. wasted time and effort.

if you think you can also screw the person over by not refunding his money, he can also take you to court even without any black and white. verbal agreements are also valid

As long name haven't change you still can cancel the deal

200% is a norm in car industry?

Never heard for property

i advice u discuss this with the buyer and settle this amicably.

you never know who you are dealing with and dun be surprised if you wake up one day to see red paint all over your car or worse.

Just refund his deposits in full + a cup of Starbucks, refunding double the deposit is unheard of in any industry unless it’s written and signed off between both seller and buyer as a penalty for either party for exiting the sales agreement

you can tell the buyer terang terang, and say sorry,

If reverse scenario, you meet joy buyer, assuming no papers signed or any traceable agreement, will you refund deposit 100% just because he says don't want to buy anymore?

the whole thing can be solved in a simple manner.

1. read all the agreements or recall any terms your discussed if seller refused to sell due to any reason any penalty or etc... if yes just follow the terms - case close

2. if not... give a courtesy voice call (try avoid using text message) to buyer tell him/her ur reason and promise an immediate full refund of deposit paid .... proper explanation with apology....

New car no. 2nd hand suka hati

I would encourage everyone to be neutral in this kind of scenario, or share your past experience if you had any. No hater toward seller or buyer on this kind of situation please.

With the conversation in place between seller and buyer, buyer also did not state any TnC toward seller if deal fails but agreed with seller that deposit is refundable (seller offered refundable deposit process upon deal failure).

So far from those comments, a courtesy call of explanation with full refund of deposit, apology, minor compensation such as a meal/drink would be sufficient.
Like some said, what if the seller facing joy buyer? If given me the scenario, I'd deduct those fee that I spent on those process (e.g. inspection), refund deposit and move on. While I am aware some seller take it as earnest deposit, which they absorb the deposit money without refund to buyer.

This post has been edited by oec88: May 30 2023, 09:43 AM

The way you wrote "willingly" suggests you think you're doing buyer a favour by refunding him (i stand corrected). Yes, there are people who cheat others by not refunding but surely you don't want to use them as yardstick? As in, as long as I refund, you should be grateful?

How much deposit did you collect?
How long has it been since you collected the money?
How did you communicate? Will he have any proof?

In a commercial setting, the buyer can and will sue. In private dealings, totally depends on the buyer. They either do nothing, sue you or "teach you a lesson".