It depens on the agreement between buyer/seller. In most cases deposits are refundable due to circumstances beyond the control of the buyer. Purchases are dependant on loan approval. Before the buyer can obtain a loan he has to put down a deposit and the house details ie. No. 10 Jalan Tun Razak. You can't just obtain a housing loan from a bank without providing any details eg. 'I get the loan first only decide which house to buy'. So it is only fair and due that the buyer gets back his deposit if a loan is not approved. You'd want the same rights if you put down a deposit but so happen did not get a loan approval.

This post has been edited by DannyOP: Jan 2 2009, 10:13 PM

It is still subject to final approval. No difference. When you submit your documents and the property details pre-approval can be rejected. Before you get the final approval you still need to pay the deposit to confirm the purchase.

This post has been edited by DannyOP: Jan 3 2009, 02:08 AM