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Can we get our "Earnest money" back?

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1 Can we get our "Earnest money" back? on Fri Aug 31, 2018 11:33 am

Tim58


Arresto Menor
We got interested in a condo and want to have it reserved. Unfortunately we need 25k to have it reserved, which we do not have. The sales manager offered us to provide a partial payment of the reservation fee which he called "Earnest money". We signed a document that indicates that we paid the Earnest money which serves as an acknowledgement of payment.

While searching for ways to get the rest of the money, we suddenly decided not to pursue it anymore.

Unfortunately, they refused to give back the Earnest money stating that it is a partial reservation fee.

I've asked other property sales agents and also went online and was informed that Earnest money does not equivalent to a reservation fee as long as the signed document does not stipulate a rule that Earnest money is non-refundable. The sales agent is considering that it is non-refundable because he is saying that it is a partial reservation fee but he was the one who used the words "Earnest money" when we gave him 10k to give us a leeway time of a week to get the remaining 15k.

Are we well within our legal rights to get our Earnest money back? If so, what can we do or what other explanation can we say that will pursuade the sales manager to give our Earnest money back?

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