The LOI is to confirm and secure the deal and terms pending finalising a formal SPA between the parties.

If the purchaser paid an earnest deposit - doesn't matter how much, even RM1 is sufficient - then the vendor is bound to abide by the terms of the LOI. If the vendor fails to proceed, the purchaser can sue to compel the vendor to sell it upon the terms of the LOI.

If nothing of value is given to the vendor, the vendor has no obligation to sell it at the agreed price upon the agreed terms.

Engage a lawyer and send a letter of demand. If he still fails to comply, you have to instruct your lawyer to file a civil suit in Court.

Engage a lawyer and send a letter of demand. If he still fails to comply, you have to instruct your lawyer to file a civil suit in Court.

The process is not complex if your case is straightforward. You can apply for SUMMARY JUDGMENT if your case is clear-cut.

Costs: in terms of legal fees, it really varies as to the seniority of the lawyer (disbursements excluded) and the firm's standing if the case is straightforward. There is no % involved, unlike conveyancing matter where it's regulated by the Solicitors' Remuneration Order.

Courts Costs: at the discretion of the court to grant.

Duration: With the recent implementation Key Performance Index, the Courts nowadays are really 'working'. It'll be much faster than last time. This is of course subject to the lawyers' diligence.

TK

Duration of time really depends on the efficiency of your lawyer and that of the Court. It also depends if the other side engages a lawyer, or opts to settle the case and agree to sell the house to you, or pay you a certain sum in compensation which you are happy with. That would be the "best case scenario".

Another factor would be if they appeal. If they appeal, they can request for judgment to be stayed (postponed) until the hearing of the appeal. From High Court they can appeal to Court of Appeal. From the COA, if they lose, they can file an application for leave to appeal to the Federal Court. As property is involved, there is a possibility that a stay might be granted until the disposal of the appeal and the application for leave (if they proceed further). That would be the "worst case scenario".

Process is really not complex as the facts seem straightforward. Filing would be by way of writ of summons, followed by an application for an order for specific performance under Order 81, Rule 1(a), Rules of the High Court. Provided that there are no issues to be determined and if you can prove the fact that terms were agreed but the vendor blatantly refused to execute the SPA, then you have a reasonably good chance of success.

Legal fees is negotiable with the lawyer. There's no barometer or measure to calculate it.

Good luck

Only you can answer that question. How much you want that property plus whether you can handle the effect of an ongoing litigation. Weigh the pros and cons first before proceeding.
In the LOI a timeframe ought to be given to the purchaser to prepare and finalise a draft SPA. That is a normal term in a LOI. So, your lawyer needs to prepare the draft and send it over to him for his approval. His refusal to proceed would effectively be a breach of the LOI.

Good luck with your matter. Come back for further enquiries.

I've already explained in detail much earlier to your questions above as you've asked them. Please go through it again. 

Good luck with your matter. Come back for further enquiries.

Why does your lawyer say that is is premature at this stage? He must know more facts of the case than what you have stated here.