QUOTE(chee yat @ Aug 3 2011, 09:32 AM)
I wish to ask that is it the offer letter prepare by agent is protected by law and powerful enough?
Because the unit i view recently the ceiling on d bathroom there seem to be leaking, so the agent told me no problem.
Just stated down at the offer letter there then will make sure the owner repair it before hand over the house to you.
Somemore d agent say u can make special remark there if the loan amount cannot get 370k, they will return the deposit to you.
So please do advice, need your guys help here...
Whether or not it is powerful depends on what is stated in it. Different letters of offer would have different terms.
Yes it would be prudent to state it in the letter of offer but remember that it must be stated in the SPA as well. The SPA supercedes the letter of offer, so if it is not stated in the SPA, you can't go back to the terms of the letter of offer anymore. Just inform you lawyer about the additional terms to be added in the SPA.
Regarding the loan, if you can find out before signing the SPA, then you can get a refund of the deposit provided that the vendor agrees to it in the letter of offer. In fact, better get a timeframe to apply for loan even before appointing a lawyer to do the draft SPA if you have a feeling that the deal might collapse due not you not being able to obtain a favourable loan. If you already instructed a lawyer to prepare a draft SPA for you and after a few days, you find out that you have to abort the deal as you fail to obtain favourable loan, then you have to pay some fees to the lawyer. If you're confident that you can get a favourable loan, just go ahead and start the ball rolling on the SPA side.