Lawrence Ho@Klang: I recently purchased a semi-dee at RM950,000 and subsequently discovered that the market valuation is very low compared to what I was informed earlier by the vendor/agent. Fortunately I have a clause in my offer letter that I am able to recover half of my deposit if the bank valuation does not meet the sales price. Please advise my next course of action to claim this 50 per cent.
RED: If the deposit was previously given to the real estate agent as stakeholders, then you may ask for a refund of 50 per cent of the deposit from the agent. If the deposit is with the Vendor‘s solicitors, then ask for the said refund from the Vendor‘s solicitors. Please ensure that you put in writing the claim and that the agent/ Vendor‘s solicitors acknowledged receipt of your letter. They should give you the refund within the stipulated time stated in the offer to purchase signed by you and the Vendor.