Hi all,

would like to seek for help from you guys here..

We've signed booking receipt to purchase a double storey landed house on 31-Jan-2012. Paid 2% booking fee to the agent on the same day.

The problem started when the drafted s&p is ready and review by both parties, the owner refused to accept a number of stated clauses, which are protecting purchaser's right.  Since then, we have spend more than a month time to negotiate with the owner through lawyers and even agent, and still not able to come to a conclusion.  The owner still insist to remove those clauses and told the agent that he is willing to refund us the earnest deposit if we were not able to meet his expectation.

We might be wrong, but we suspect that the owner could have change his mind about the deal and hence those unreasonable excuses.

Is there any other way that we can do at this moment to save the deal other than agree to the unreasonable request on the S&P amendments? If we give up this deal, then we would have wasted all of our efforts for the past one month and also potentially lawyer fee. 

Can we even request for compensation?

Here are 2 of the important clauses which the owner requested to cancel:-

1) In the event that vacant possession of the said Property is not delivered by the Vendor(s) to the Purchaser(s) within seven (7) days from the date of the Vendor(s)’ Solicitors’ receipt of the Balance Purchase Price, the Vendor(s) shall pay to the Purchaser(s) interest at the rate of eight per cent (8%) per annum on the amount of the Purchase Price commencing from (and including) the eighth day after the Vendor(s)’ Solicitors’ receipt of the Balance Purchase Price and the Interest (if any) until the Possession Date. Such interest shall be determined/calculated on the basis of the actual number of days elapsed and a three hundred and sixty five (365) day year and shall be payable on the Possession Date.

2) For the avoidance of doubt and for the purpose of calculating the Completion Period, it is hereby agreed and declared that the Completion Period shall be automatically extended (without any interest or other amount being payable by the Purchaser(s) to the Vendor(s)) by such number of days as shall be equivalent to the number of days:
(a) elapsing after seven (7) days from the date of the Purchaser(s)’ Solicitors’ or the Purchaser(s)’ Financier’s solicitors’ written request to the Vendor(s)’ Solicitors for the Vendor(s)’ Undertaking until the date of the Purchaser(s)’ Solicitors’ or the Purchaser(s)’ Financier’s solicitors’ receipt of the Vendor(s)’ Undertaking;
 
(b) elapsing after three (3) days from the date of the payment of the Differential Sum to the Vendor(s)’ Solicitors as stakeholders and the issue of the Purchaser(s)’ Financier’s Undertaking until the Purchaser(s)’ Solicitors or the Purchaser(s)’ Financier’s solicitors’ receipt of the Title and all other documents, if any, as may be relevant for the registration of the Purchaser(s) as the registered proprietor of the Property free from encumbrances;

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