Hi all experts, need some advice on the charges of cancellation fees for the property I just bought. I have paid 1% deposit and have not sign S&P yet. Due to some issue, I still need to wait for confirmation if the unit will belongs to me. Therefore I'm thinking of cancel the buying.

Called up the agent but then different agent give different stories. One say if cancel within 14days period of purchase will return bck 100% of the 1% deposit but then when I called up next day again, different agent served me and say no matter within that period or not, some processing fees of cancellation will be charged. I'm confused now.

Did anyone of you encounter this or have any advice?

Hi dariofoo,

Not sure if the documents I signed is the letter of offer to purchase. Remember there were documets for me to sign abt the unit, some waiver stuff. and then the booking/puchase form abt buying which unit and have paid how much deposit (1st hand unit - still under construction). It does has a remark about subject to cancellation of my full return of deposit. However that's bcoz of situation I have.

This is the story: The unit I'm interested in has a prev buyer but then the agent said it has been cancelled. However it needs to wait for 14days to confirm the prev buyer no longer entitle for it. That's what the developer said too when I called to verify and now still not reach 14days (only the 1st week). So I only can wait for the 14days to come. If last min that buyer has money and paid, the unit will belong to them. This I understand. However I felt cheated bcoz the agent I dealt with was not honest - he only informed me after I paid the deposit. Bad luck for my 1st house and encounter this. Only can deal with it now. sighhhh

However back to the situation, due to above, I might plan to cancel it. That's where different agents told me different story of the cancellation fees. If indeed they going to charge for cancellation fees no matter what, then it's not worth for me to cancel now, better wait for that 14days to see prev buyer got it or it will be mine since they also will charge me if cancel (still feel unfair to pay since I'm not been told abt prev buyer up front). Besides, I have already applied for loan and pending feedback. S&P confirmed not signed bcoz of above incident and loan stuff.

Thanks Dario. Cross finger everything goes well.

So out of curioustiy, there's no idea whether they really will charge any processing fees for the early cancellation or it depend on case basis?

Thank you Dario! Appreciate a lot for the advice.