my point is, it is his ABSOLUTE discretion to only pass you the keys upon full disbursement, but he was kind enough to give you early VP and undertook unnecessary risk to accomodate to your request.

Plus, if he has intentions to chase you out or to play u, why would he consent you to have early VP?

bcoz he want to sell his property and get the money

since he wants to sell his property, i don't think he will chase you out at the end but to wait till the completion?.....

I think the problem now is you.....................not the seller? U cant enter a contract then simply wants out?

maybe he jst wanna earn my deposit?or drag my time so i will gv up n proceed to buy?

i have valid reasons..not simply wanna terminate it

unless u tell me law only protect the seller

agree

@jasonlim - can understand your anxiety, since your first time....good luck again!

You leave me the impression just like your avatar, super gan jeong, super cannot be calm, and worried that this seller genuinely want to cheat your money.

FYI,
1) if he wants to cancel the deal without your consent, he has to give you full refund plus double of what you have paid for SNP signing.
2) if he wants to sell to others, he will still need to get the title transfered to himself then only he will be able to transfer it out again, same as your case. They why bother to sell to someone else, and kick you out if you are staying in there already.
3) if he really have new buyer, read item 1), he needs to find a buyer that willing to pay so much more than this original selling price, just to break even.
4) if you are so worried he will kick you out, make a tenancy agreement with him before you move in la. dun start your reno till the transfer to your name is complete, anyway, this is supposedly the original timeline that you can get your VP, ngam mou?

thanks for ur valuable input

sure i gan jeong bcoz my money is stuck there

1) he won't want 2 cancel the deal..coz he want to sell and get the money..for my side, i need to wait dunno when to become the legal owner of the property..and i can see he don't mind waiting and of course he has no money stuck in between

2) not applicable for my case coz he nvr say want to sell to other

3) he can still sell at the same old price..unless he wanna gain more money

4) i m not worry of he kicking me out..but i m more concern of if one day the deal is call off/not successful for whatever reason..and i have out move out and find a new place to stay or buy?that does not favor me right? and if i renovate only after the name transfer, it will be a hassle for me..again,not fair to me right?

seems like your comment is more on the seller side..correct me if i m wrong

if he let you stay before the transaction complete why not treat the deposit as "rental fee"?

if he kick you off and sell to other people u still can get back the deposit "legally"

it's like free stay if you ask me

This post has been edited by dr2k3: Jun 18 2010, 05:16 PM

the problem is if the deal is not success, where should i move to? and this so-called "rental fee" is quite a lot

dunno how long i stay only can break even

i also don't want to move here and there..like homeless people/refugee

ok wait..if proceed to sign S&P i need to pay 10% down-payment and legal fees..the amount involve will become much bigger

if sign jor s&p and the problem is with the seller, the seller will nit to return you all the downpayment

if you scare, you can ask your lawyer add - if deal not success, the seller bear the legal fees

like i say before, unlikely he will kick me out

+ moving fee and emotional stress fee

i m more concern on the 10% down-payment..i might be able to get back if problem come from seller..but it will take long time

later i will open another thread asking how to get back my 10% down-payment..and i don't wan this to happen again

as a conclusion, i don't want to take any risk of more money get stuck..even this deposit is my hard-earned money i had saved since i start working

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Added on June 18, 2010, 5:38 pmcorrect correct..but this is not possible la

unless i bring this to court case..i won't do this unless it is necessary..i still hope it can be peacefully and professionally solved

This post has been edited by jasonlim: Jun 18 2010, 05:38 PM

You should have been known before paying anything roughly how long such a transaction will take to be completed.
The "deposit" I believe is the earnest deposit, given to indicate commitment to buy the property from seller. It is exactly meant to prevent such cases where buyer says wanna buy, and 2 days later changed his mind. Unless seller deliberately withheld important information that may have jeopardize the contract, I believe it will only be refunded in special cases where either buyer or seller is legally unable to fulfill his/her obligations.

You mentioned a couple of times, that you're worried seller may not be able to meet his obligation to sell. What's the reason behind this, and what did your lawyer say about this? Do you have a legal reason to say the contract is null and voided.

in a normal case the transfer of ownership is max 4 months..this case is a bit different, coz the will from the late wife written this property belong to the seller..but legally he is not the owner yet..else there is no such complication..he has no court order and claimed that they can get it easily if he want(this part i dunno how true). my lawyer told me only in the process to sign S&P only the buyer side allow to see the court order/ LA(letter of administration or something,correct me if i m wrong)

so far he still cannot prove that he is the beneficiary and has the court order/LA. before this he also failed to inform me he is not the legal owner..and the original owner of the property has already passed away 2 years ago

if i m being inform of this at early stage, i will never secure this deal with him..so by right i have the right to get back my deposit refund

How did you end up paying 10%? Usually, you only pay 2% and the balance 8% upon signing S&P.

It all depends on the seller. I once "bought" a similar property but the agent refunded the full 2% to me when he informed me later on the same situation as yours. I was lucky then but in any case, it's only a longer time to settle the case. Not impossible. I presume.

i paid 3%..the remaining 7% is upon signing S&P

your agent is very kind to u..my agent try to suck my money i think..coz i heard that 3% is the agent commission..so of course he is not going to refund to me

I think the agent has mis-led you as he did not give you the full info. You may want to report him to the Real Estate Association.

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Added on June 18, 2010, 10:28 pmEven if the agent manage to win on the basis that you back out of the deal, I think he is only entitled to half the commission if the S & P is not signed. Real Estate association or institute will be able to help you.

This post has been edited by bk user: Jun 18 2010, 10:28 PM

Jason, upon signing SPA u should have known that property belongs to the late wife. Why did you proceed anyway? U can back out then if you wanted..........................