Hello, my name is XXXXX XXXXX it is my pleasure to assist you with your question today.
You say the agent agreed to refund the deposit if the deal fell through no fault of your own - when was this agreed? Was it documented anywhere?
Do you know what losses he may have suffered as a result of this cancellation?
ok let me get my response ready please
Generally, when a person places an order for something and pays a deposit they enter into a legally enforceable contract with the seller. It is implied that the seller has accepted the deposit as security and as proof that the buyer wants to proceed with the contract.
Unless the seller subsequently commits a serious breach of contract, or there was a cancellation clause, the buyer would have no legal right to cancel the agreement and if they do so they will be acting in breach of contract and risk losing their deposit. This is especially true if the deposit was described as non-refundable.
However, when deciding to keep a deposit a part must ensure that they only do so to cover any losses or costs associated with the cancellation, not ti just keep the money for their own profit. If that happens then it could amount to being a penalty clause which is legally unenforceable.
So if the other party has suffered genuine losses or expenses as a result of the cancellation they can use the deposit to cover these but they must be actual losses, it will not cover stress and inconvenience, we are looking at quantifiable costs.
If you are having difficulties recovering the remainder of the deposit then it is recommended that the process follows these steps:
Whatever correspondence is sent, it is always advisable to keep copies and use recorded delivery so that there is proof of delivery and a paper trail. The court may need to refer to these if it gets that far.
has he been sent the formal reminders and a threat of legal action?
when do you think the machine may be sold?
the issue is that he can try and use the deposit to cover some of these expenses so until the machine has sold he would not know how much they are. So you could still try and pursue for part of it now, with the remainder paid once the sale has gone through and he knows the expenses incurred. In any event, you have 6 years t make a claim so you will not be running out of time in that respect if you had to wait a few months
you need to try and negotiate on a sum that is mutually acceptable to you both - if no agreement is reached then the court option is again you have to consider using
Yes, although I am not going to be very familiar with the costs he may incur so as you would be in a better position to determine these, use them in your calculations
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