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I signed an LOI with an agent, deposited the money and cancelled it after two days. More than a week has passed since my request for refund, but the agent refuses saying that I have signed an LOI and I should wait until another offer comes before they can return back my money. Is this legal for him to withhold my deposit?
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1 Answer

Hi Jersey,

Was the LOI accepted by the landlord in the first place? You may wish to run through the terms and conditions of the LOI as well, especially if the offer has been accepted by the landlord, by right there should be no refund. And did you make the deposit to the landlord or agent as agent is not suppose to be holding any transaction monies. Have you verified that he or she is a licensed agent or is it a scam?

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