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Cancelling loan from bank after sign offer letter, S&P haven't sign. Any penalty?
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Char88 P
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 Feb 10 2021, 01:13 PM
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New Member
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Currently bought a house, all documents such as spa , loan agreement signed. During sign spa, lawyer just gave me a paper to sign. I don’t even see the T&C , also not initial the t&c. But found out the house got a big issue, can I cancel the purchase? 10% of purchase price forfeit ( I read back the t&c not state this clause) ? Can negotiate? This is hard earn money but I didn’t ask the t&c before signing document
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Char88 P
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Feb 11 2021, 10:12 AM
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New Member
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QUOTE(digitalz @ Feb 10 2021, 04:25 PM) Loan disbursed? Which stage? If for your 10% with the developer, you need to negotiate with them. They can forfeit your deposit / initial payment etc subjected to the SPA and whatever letter/document you signed with them. If the Bank disbursed the money... then you'd have a harder time in cancelling. You need to talk to your banker asap though. Let me push it a bit further... even if the Bank has not disbursed the money but all the documentation are done, submitted and stamped, you'd have to take a lot of steps if you want to cancel it. I think is final stage . Guess the loan not yet disbursed. This is subsale property. Can negotiate the penalty if cancel? |
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