Dear Dario, i recently sold my house. and after signning the S&P, i decided to withdraw it. At that point of time, the S&P was not stamped yet, and i called my lawyer and ask whether i can abort the transaction since it is not stamped yet. But according to my lawyer, he said that the S&P is valid although it is not stamp, and the purchaser wil have the right to ask for penalty from me. Is that correct?

thanks

This was what i thought also....

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Added on September 14, 2012, 8:46 pmDear Dario, thank u for yr reply. Refer to the s&p stamping issue, I just want to confirm my understanding is correct. Does that mean that if purchaser signed s&p but vendor refused to sign, the purchaser can ask compensation from vendor (10% deposit paid to vendor + 10% of damages)?? Is that correct? Thank u

This post has been edited by Chiahh: Sep 14 2012, 08:46 PM

Dear Mario, I recently sold my house and I allowed my buyer to pay part of the deposit (3%) by EPF withdrawal within 3 weeks from the date of the S&P.
The S&P date is 3 September 2012.

And here is the clause:

“….which shall be paid by the Purchaser to the Vendor within three weeks from the date of this agreement by EPF withdrawal, failing which the Vendor shall have the discretion to terminate the Agreement and earnest deposit shall e forfeited by the Vendor as compensation”

And when checked further in the S&P, these are another clauses that I found:
“Business day: If the completion Date or the extended completion date shall fall on a day which is not a business day then the due date for payment shall be extended to the next following business day. For the purpose of the clause, business day shall be a day on which banks are open for business in the sate of Selangor excluding Saturdays and Sundays.

“Definition: In this agreement, unless there is something in the subject or context inconsistent with such construction or unless it is otherwise expressly provided:-
a) a period of days from the happening of an event of the doing of any act or thing shall be deemed to be inclusive of the day on which the event happens or the act or thing is done and if the last day of the period is a weekly holiday or a public holiday (“the excluded day”), the period shall include the next following day which is not an exclude day


When I asked my lawyer, he told me that the definition of 3 weeks here includes only working day, and therefore the due date of the paying by EPF withdrawal will be on the 2 Oct 2012. Is that true?

How do you calculate the due date for this i.e. 3 weeks from 3 September? Is the public holiday and weekends (Sat/Sunday) counted?

Kindly advise.

Thank you

Dear Dario, thank you very much for your prompt reply.

I just talked to my lawyer again, and after he gone thru the S&P again, he confirmed that the way of calculating the 3 weeks should be included the weekend/public holiday, hence, the last day would be 24 Sept as per what you said.

So, what is your advise? can i terminate the S&P and forfeit the purchaser deposit if the purchaser didn't pay by 24 Sept? Will the buyer take legal action against me if i forfeit the purchaser deposit?

There is a clause stated in the S&P saying the below:

“….which shall be paid by the Purchaser to the Vendor within three weeks from the date of this agreement by EPF withdrawal, failing which the Vendor shall have the discretion to terminate the Agreement and earnest deposit shall e forfeited by the Vendor as compensation”

thank you!

This post has been edited by Chiahh: Sep 19 2012, 11:29 AM

Dear Dario, thank you for your reply.

If let say the buyer didn't pay me on or before 24 Sept, and I (as a vendor) decided to terminate the contract, and forfeit the buyer deposit, will the buyer take legal action against me? pls advise.

Let me recap the clause stated in the S&P:

“….which shall be paid by the Purchaser to the Vendor within three weeks from the date of this agreement by EPF withdrawal, failing which the Vendor shall have the discretion to terminate the Agreement and earnest deposit shall be forfeited by the Vendor as compensation

This post has been edited by Chiahh: Sep 20 2012, 12:47 PM