90210 said:Under what basis would have I been entitled to my deposit back? The whole principle of a deposit is to ensure completion or surety of sale. If the proposed purchaser fails to complete the deal the deposit is lost unless it is clearly stated in a written contract.The deposit is this case was never refundable , as far as i am concerned if you place a deposit and walk away , be prepared to lose your deposit.
If I was selling a property or any item for that matter, say a car. I took a deposit from the buyer and he then tells me two weeks later that he does not wish to go ahead with the deal. Even though their is no written contract in place, I would still be entitled to keep the deposit as I have lost other opportunity to sell the item to others.
In this instance I have been deprived of the opportunity to proceed with this purchase. An agreement was reached and the agreed deposit paid. As far as I am concerned the cheque and receipt of same is offer and acceptance.The law as far as i am concerned offers no remedy.
90210 said:So what if i pulled out of the property sale , would i be entitled to get my deposit back ? You both say i would but why ? I understand what you are both saying but in life we make contracts every day whether they are implied , verbal or written.
It just seems to me that a retailer or a builder can retain a despoit and then pull out of the deal, without recourse. When you state that it is the same for both sides , it is not , as i paid the funds on the basis that the deposit was non refundeable. We will agree to disagree on this one gents , as far as i am concerned a deposit is a payment given as a guarantee that an obligation will be met , if the obligation is not met you lose your guarantee. Sorry but i just feel it is a grey area for purchasers.
RainyDay said:Now I'm confused - the original post said
"A pal of mine owned a property 1 bed apartment , he then decided to buy another two bed apartment and rentr his own out."
Then you went onto say
" I was purchasing it from the builder as a new property. I sent the cheque and a letter stating the deal to his solicitor."
So who was actually buying - you or your pal? Did the purchaser involve their own solicitor in the purchase? If so, what is the purchaser's solicitor's advice?
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