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Thread: Deposit for OTP

  1. #1
    Join Date
    Jan 2008
    Posts
    250

    Thumbs down Deposit for OTP

    I'm helping my friend to ask.

    Her buyer signed OTP, then placed a $1K deposit. After that, buyer decided to back out, so the 1K deposit was forfeited. Now, her agent said that 50% deposit must go to the agent, its the agents company policy.

    Is there such a thing?

  2. #2
    Join Date
    Feb 2008
    Posts
    393

    Default

    Eileen this is a question of what he/she signed with the agent. Look at the agreement between the agent and your friend.

    unless it is in black and white, there is no such policy that i heard of.

  3. #3
    Join Date
    Jul 2008
    Posts
    131

    Cool

    me was told by my agent about this condition too leh...

  4. #4
    Join Date
    Jan 2008
    Posts
    250

    Default

    so meaning no such policy lar. it all depends on what was agreed between seller and agent. anyway my friend gave it the agent 30% instead after some negiotiation.

  5. #5
    Join Date
    Jul 2008
    Posts
    52

    Default

    meow! meow!


    there is no guidelines - all is negotiable.

    entirely between the clients and the agents.


    lick! lick! witty cat is feeling smart- meow!

  6. #6
    Join Date
    Jan 2008
    Posts
    297

    Default

    is there such it thing that in a rental, if tenant rents for 3 years but due to diplomativ clause, she has to terminate the contract after 2 almost 2 years due as her employment contract here end, can the owner request for the agent to return part of the commission as the tenant did not fulfil the lease?

  7. #7
    Join Date
    Feb 2008
    Posts
    393

    Default

    again it depends on the contract the Landlord has with the agent, in most cases the agent will refund the commission, however, it really depends on the agent if there is no written contract or what we call undertaking from the agent to the landlord than there is really no case for the landlord to demand a refund.

    My advice to landlord is, he or she should spell this in the tenancy agreement that if the tenant break or terminate the lease prematurely, the tenant will refund the commission to the landlord, of course in cases where the tenant is not agreeable to have this clause than the landlord should get an undertaking from his or her agent.

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