hi everyone, I actually paid the earnest deposit for a shoplot, and the owner has prepared a agreement for me. It say if I rent the shop for 2 years, and if I cabut before 2 years, my 2 months security deposit will be forfeited :( ??! hmm... even the agent is telling me this is a common practice but is this true? I meant it is up to us how we write the agreement... but it seems that the owner doesn't wan to compromise, even
I said just to forfeit for 1 month but not all... btw, can I get my earnest deposit back if I don't want to rent?

This post has been edited by llic0: Jan 12 2009, 06:54 PM

if u break the contract, is depend on the contract how much for the penalty, then u need to pay for tat

anyhow, u can personally negotiate with the owner to early termination of tenancy, then seek for refund of the deposit with enough notice and satisfied by owner

I'm afraid that's the common practice. Than if the owner is not desperate to rent it out, you got no case. You either abide or don't rent.
But if the owner is desperate to rent it out, than probably you got the bargaining power to lower down to 1 month.

In regards to the earnest deposit, that depends on the owner. You may get it back but probably not all as he would probably ask for the fees he paid to get the agreement done (if it's done professionally via lawyers).

Good luck!

if i'm the property owner, i will not compromise and deposit will be non-refundable in case you do not wish to rent.

Tenancy argreement is paid by tenant loh. From Landlord point of view its fair he/she takes 2 months. Sometimes people do business also take advantage never pay utility and you know lah utility can be even more then 2 months deposit sometimes.

me 2 cents

This post has been edited by eymc: Dec 5 2008, 11:06 PM