Letter of Intent

[divorced]

Does all this mean that I can call my wedding off and get the diamond engagement ring back from that bitch ?

Yes.  In most legal jurisdictions the wedding ring must be returned if the wedding does not take place.

The parallel in the 'useless' engagement (LOI) scenario ... in event of a divorce the woman (landlord) can also legally keep the wedding and loaded 3 carat diamond ring (once deposit has changed hands)? 

That's right. The wife keeps her wedding and engagement rings in the event of a divorce.

[Oi]

Does all this mean that I can call my wedding off and get the diamond engagement ring back from that bitch ?

Yes.  In most legal jurisdictions the wedding ring must be returned if the wedding does not take place.

The parallel in the 'useless' engagement (LOI) scenario ... in event of a divorce the woman (landlord) can also legally keep the wedding and loaded 3 carat diamond ring (once deposit has changed hands)? 

That's right. The wife keeps her wedding and engagement rings in the event of a divorce.

Not, if the pre-nup says otherwise.

[divorced]

Does all this mean that I can call my wedding off and get the diamond engagement ring back from that bitch ?

Yes.  In most legal jurisdictions the wedding ring must be returned if the wedding does not take place.

The parallel in the 'useless' engagement (LOI) scenario ... in event of a divorce the woman (landlord) can also legally keep the wedding and loaded 3 carat diamond ring (once deposit has changed hands)? 

That's right. The wife keeps her wedding and engagement rings in the event of a divorce.

Not, if the pre-nup says otherwise.

Jeez, it's a miserable sunnofabitch who wants the engagement and wedding rings back should the marriage not work out. Never, ever heard of anyone going to these extremes before in a pre-nup. Most of us who have pre-nups are a bit more concerned about some cow taking off with a chunk of our income or our actual assets... I must say, you sound like a bloody small-minded prat.

[Oi]

Does all this mean that I can call my wedding off and get the diamond engagement ring back from that bitch ?

Yes.  In most legal jurisdictions the wedding ring must be returned if the wedding does not take place.

The parallel in the 'useless' engagement (LOI) scenario ... in event of a divorce the woman (landlord) can also legally keep the wedding and loaded 3 carat diamond ring (once deposit has changed hands)? 

That's right. The wife keeps her wedding and engagement rings in the event of a divorce.

Not, if the pre-nup says otherwise.

Jeez, it's a miserable sunnofabitch who wants the engagement and wedding rings back should the marriage not work out. Never, ever heard of anyone going to these extremes before in a pre-nup. Most of us who have pre-nups are a bit more concerned about some cow taking off with a chunk of our income or our actual assets... I must say, you sound like a bloody small-minded prat.

Whoa, relax m'am.

The internet is a matrix. Everyone here is on the blue pill.

[divorced]

I'm a man. 

[Antonio]

I read through all this, my question is, LOI was signed and a deposit given, in the LOI it states " including all legalities etc including whether or not a TOP comes through you take it as is, on the TA nothing of that sort is mentioned.. what in this respect is a legal document, in April we signed an LOI, a few weeks later a TA, now we are stuck and have to pay rent without a TOP, why? is this legal? advice appreciated.

[Georgie2011]

If you sign a TA, then you are pretty much stuck. Even if in the US for example a lease is extremely hard to break. I am currently in the process of breaking out of a lease myself, fortunately the landlord is cooperating but at a cost. For the LOI, it is easier to get out of it as it is not a binding contract per se, but just an intent to agree on a contract. If the contract is not signed the LOI is not enforceable. Regarding your issue I would suggest you to retain the services of an attorney experienced in Tenant-Landlord issues, but even with a good attorney it might be tough to get away without losing your 2 months deposit. Be prepared to lose it all, but at least you will be able to move on.
I hope this helps.

[spud2911]

...If the LOI states that the deposit is refundable in the absence of a TA that term is enforceable. And if it states it is not refundable, such a term is equally enforceable. If the deposit outcome is not spelt out explicitly either way, the prospective tenant's deposit is definitely in trouble.

In the real estate industry the outcome is intentionally left out so that the deposit can be put to use in any event. Caveat emptor..

An LOI would normally just state a mutual agreement to agree an underlying contract. if this LOI states that either party can back out at any time then either party can back out at any time. If the LOI states that the party that paid the "deposit" will be unconditionally refunded then he has to be refunded, no matter what.

So, as Ive said before, just make sure the LOI is clear and that it states that the deposit is to be unconditionally refunded if for any reason whatsoever the TA isn't signed or won't be signed.

I think I am getting this.  LOI with signatures, dates, monies changing hands and terms and conditions is a legal contract, not withstanding the term LOI.  I am backing out of an LOI and have requested the good faith deposit back.  The Agent says landlord refuses.  Is the Agent/ Landlord right to keep the deposit.  Here are the specific T&Cs on the LOI 

LOI TERMS AND CONDITIONS

Good Faith Deposit

One (1) month’s good faith deposit of S$XX00 (Cheque no. 12345) paid by
tenant is enclosed.  This will form part of the security deposit if a
Tenancy Agreement is entered into between the Landlord and the Tenant.

Tenancy Agreement

Notwithstanding anything herein contained, the tenancy of the Property is
subject to a Tenancy Agreement to be negotiated upon in good faith and
entered into between the Landlord and the Tenant.  The Landlord shall
forthwith refund the good faith deposit to the Tenant free of interest if
the Landlord and the Tenant cannot reach an agreement on the provisions of
the Tenancy Agreement ASAP after negotiations in good faith (PROVIDED THE
TENANT HAS NOT TAKEN POSSESSION OF THE PROPERTY) and therefore neither party
shall have any claim against the other for damage cost, compensation or
otherwise in the matter.  The Landlord shall provide the Tenant with a draft
of the Tenancy Agreement within _____ (  ) days from and including the date
of the Landlord acceptance of the terms and conditions herein.

MY READING
It says "IF"  a tenancy agreement is entered into.  It also says....."The Landlord shall forthwith refund the good faith deposit to the Tenant  free of interest if the Landlord and the Tenant cannot reach an agreement"  I believe there is no basis for the landlord claim  on the deposit as no tenancy agreement was entered into between the Landlord  and the Tenant.

Fair claim or does the agent/ landlord still with their contractual rights to retain the deposit?

[What We Did]

What you need, PP, is a lawyer's letter. Suggest you call up one of the top law firms and make an appointment. Best $$$ I ever spent!

[...]

That's almost right - except that as I've said previously, an LOI is not a contract as it is an agreement to agree, which is void for uncertainty.

A consequence of this is that the landlord is not entitled to retain or forfeit the good faith deposit which has beeen paid to him.

I would suggest you seek some advice from a lawyer and also consider action through the small claims court.  I would also suggest that you try to be as reasonable as possible and not act capriciously since you may be required to appear before the judge / adjudicator and how you have behaved will always be a relevant point, as well as the content of any document.

...If the LOI states that the deposit is refundable in the absence of a TA that term is enforceable. And if it states it is not refundable, such a term is equally enforceable. If the deposit outcome is not spelt out explicitly either way, the prospective tenant's deposit is definitely in trouble.

In the real estate industry the outcome is intentionally left out so that the deposit can be put to use in any event. Caveat emptor..

An LOI would normally just state a mutual agreement to agree an underlying contract. if this LOI states that either party can back out at any time then either party can back out at any time. If the LOI states that the party that paid the "deposit" will be unconditionally refunded then he has to be refunded, no matter what.

So, as Ive said before, just make sure the LOI is clear and that it states that the deposit is to be unconditionally refunded if for any reason whatsoever the TA isn't signed or won't be signed.

I think I am getting this.  LOI with signatures, dates, monies changing hands and terms and conditions is a legal contract, not withstanding the term LOI.  I am backing out of an LOI and have requested the good faith deposit back.  The Agent says landlord refuses.  Is the Agent/ Landlord right to keep the deposit.  Here are the specific T&Cs on the LOI 

LOI TERMS AND CONDITIONS

Good Faith Deposit

One (1) month’s good faith deposit of S$XX00 (Cheque no. 12345) paid by
tenant is enclosed.  This will form part of the security deposit if a
Tenancy Agreement is entered into between the Landlord and the Tenant.

Tenancy Agreement

Notwithstanding anything herein contained, the tenancy of the Property is
subject to a Tenancy Agreement to be negotiated upon in good faith and
entered into between the Landlord and the Tenant.  The Landlord shall
forthwith refund the good faith deposit to the Tenant free of interest if
the Landlord and the Tenant cannot reach an agreement on the provisions of
the Tenancy Agreement ASAP after negotiations in good faith (PROVIDED THE
TENANT HAS NOT TAKEN POSSESSION OF THE PROPERTY) and therefore neither party
shall have any claim against the other for damage cost, compensation or
otherwise in the matter.  The Landlord shall provide the Tenant with a draft
of the Tenancy Agreement within _____ (  ) days from and including the date
of the Landlord acceptance of the terms and conditions herein.

MY READING
It says "IF"  a tenancy agreement is entered into.  It also says....."The Landlord shall forthwith refund the good faith deposit to the Tenant  free of interest if the Landlord and the Tenant cannot reach an agreement"  I believe there is no basis for the landlord claim  on the deposit as no tenancy agreement was entered into between the Landlord  and the Tenant.

Fair claim or does the agent/ landlord still with their contractual rights to retain the deposit?

[What We Did]

PP, are you a landlord??

A lawyer's letter (demanding the return of the deposit cheque by a specified date) is expensive, but effective. It worked for me. These money-grabbing LLs think we are all easy prey and don't have the mettle to see them off. Use a reputable law firm with balls, not some little chap in an office in some back street somewhere. If your case has merit they will write the letter. The LL will sit up and pay attention if the potential is there for him to not only have to return the deposit, but also be liable for costs.