Hi Dario,

I'm in a predicament and need some advice. About a year ago I agreed to sell my apartment. The buyer paid 3% to the agent and I signed the booking receipt agreeing to the transaction. At that time my property's strata title was in the process of application and the lawyer told me it will be completed in 2 months. However, there were delays later due to developer not willing to transfer the title to me as its an aution property so they wanted to transfer to the original buyer and so on ... the whole thing got delayed.

Now 1 year later I still don't have my title but my lawyer tells me I will get it in about 6 months (its already been 18 months since I paid the money to the lawyer to do the transfer).

When I told the buyer about the delays last year he said he is willing to wait, no problem. My issue now is that now the property price has increased substantially over the last 1 year and I want to get out of the agreement which the buyer locked me for 1 year plus.

What can I do to get out of this agreement? I am willing to pay reasonable compensation to the buyer but do I have to compensate the agent as well? And will the agent refund the deposit collected to the buyer?

Pls advise. Thanks.

P.S. Some may think that I am greedy but in truth the property did not appreciate for 6 years and the price I agreed to was at a loss. Now I finally have a chance to recoup all the money I ploughed into this property and break-even.

Thanks Dario. There is no SPA yet.