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 auction house, terminate s&p contract

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TSding_dong
post Apr 21 2009, 08:56 PM, updated 17y ago

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hi lyn forumer

i have a question about auction house
i have bought an auction house and already pay 10% deposit.
so after sometimes i found that so many problem regarding this house that make me unable to complete all the legal process ( not because of me). so my lawyer that i appoint to do a legal process give a suggestion to me to terminate the contract.

so anyone ever get this kind of problem like this?
can i ask back my 10% deposit and can i claim all the necessary fee (like lawyer fee)
falcon867
post Apr 21 2009, 10:01 PM

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im making this comment based on a general situation without looking at your contract for sale...

usually in all contract for sale generally if you fail to make payment of the balance purchase price then you shall forfeit the deposit payable for the said property. Try to look for any "escape clause" in the agreement for example any condition precedent's

another method you can terminate it with the agreement of the vendor's financer (which i believe is unlikely to happen)

about recovering fees...its difficult because its fees for work done...the only way is to find out what is the problem in your transfer...if there is some party who is your fault then you can recover damages from them...




TSding_dong
post Apr 21 2009, 10:54 PM

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it is because the developer is worn out and unable to complete transfer ownership

no other developer take over or even jabatan insolvensi don't want to take on behalf of developer.

 

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