Buying a property, paid booking deposit, deal changed, what now??

CamperMan

Hi,

I offered a price for a property with 2.5 acres which was accepted, it now seems that what were actually buying is one acre short, with just 1.5 acres instead, also, we were told that the surrounding land would be planted with a forest and that was the deciding factor in me making an offer, this is no longer the case.

Can I now withdraw my offer and get my booking deposit back?

uberwolf

a booking deposit is just that, it's a statement of intent rather than binding commitment.

CamperMan

uberwolf wrote: »

a booking deposit is just that, it's a statement of intent rather than binding commitment.

So, can I withdraw my offer and get my booking deposit back??

meathstevie

I would argue you should get it back for the simple reason that you put it down for A and you're now being offered B.

Let's say I went to a VW dealer tomorrow and put down a holding deposit for a pearl black Passat 2.0 TDI and by the end of the week they rang me back and said : "Remember that deposit you gave us; we have a red 3 door 1.4 Polo ready to go for you..." Would you want your money back and do you not think you should get it back ?

Agent J

CamperMan wrote: »

So, can I withdraw my offer and get my booking deposit back??

Its not that simple.

A deposit in usual cases is buying an excluive option on the property.As in it gives you the right but not the obligation to buy said property.

However in this case the actual substance of what you were purchasing has changed so i would think you should be entitled to get it back.

All depends on what paperwork was signed and what it said though.

CamperMan

Agent J wrote: »

Its not that simple.

A deposit in usual cases is buying an excluive option on the property.As in it gives you the right but not the obligation to buy said property.

However in this case the actual substance of what you were purchasing has changed so i would think you should be entitled to get it back.

All depends on what paperwork was signed and what it said though.

No paperwork has been signed, my verbal offer was given to the agent clearly stating that it should be with x amount of acres and relayed to the vendor who accepted, booking deposit was paid to the agent!!

I know that the main reason for putting the offer in was the fact that we would have privacy knowing that a forest would be planted around the property, this is no longer the case!, there is now potential for the surrounding land to be developed on, maybe a house built there or farm buildings, something I definitely would not want to happen.

Agent J

CamperMan wrote: »

No paperwork has been signed, my verbal offer was given to the agent clearly stating that it should be with x amount of acres and relayed to the vendor who accepted, booking deposit was paid to the agent!!

Please tell me you have a receipt though.

I think in my non legal opinion that you have a firm footing to get your deposit back but i can see the agent digging heels in so you'll have to be damn firm about it.
You are entitled but be prepared to fight if they offer resistance.

CamperMan

Agent J wrote: »

Please tell me you have a receipt though.

I think in my non legal opinion that you have a firm footing to get your deposit back but i can see the agent digging heels in so you'll have to be damn firm about it.
You are entitled but be prepared to fight if they offer resistance.

Of course I have a receipt for the booking deposit.

Senna

Unless i'm missing something, you paid a booking deposit and did not sign anything. Regardless if the terms changed, you can get the deposit back, they have no legal footing to hold onto it.

3DataModem

Previous poster correct.

Until you sign contracts, you are entitled to your booking deposit back in full. Similarly the seller can change there mind and not sell to you and give you the deposit back.

I've done both more than once over the years.

A crazy system.

Sir Rantsalot

Be firm with the agent when requesting your deposit back (and, yes, you are absolutley entitled to have it back). I have seen cases where the agent has lodged the deposit and can be slow to return it. I would advise giving them a clear date and time when you will call into their offices to collect it.

Patrickof

Sir Rantsalot wrote: »

Be firm with the agent when requesting your deposit back (and, yes, you are absolutley entitled to have it back). I have seen cases where the agent has lodged the deposit and can be slow to return it. I would advise giving them a clear date and time when you will call into their offices to collect it.

In most cases there's no need to adapt such an attitude. You're perfectly entitled to your deposit back (once no contracts etc have been signed) and are not even required to give a reason, although one usually would.

Do remember that the EA may not have lodged the cheque on the same day he received it, and that once lodged it can take 5 days to clear. So if you've only paid the depoist in the last few days, then it may take a few more days before it'll be refunded. Though, any longer and then its time to get an attitude.

TheCityManager

I have, a couple of times, changed my mind on property purchases in the past and received my booking deposit back.....you dont need a excuse..you are entitled to it back