I am in the midst of selling off my property but now I wanted to back out after the offer letter is signed due to some personal reasons. Can anyone let me know what is the consequences of doing so ?

pay equal amount of compensation

sorry but what does that mean ? can be more specific?

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Added on October 4, 2012, 12:59 amI have received 1% deposit from the broker out of the 3% deposit that the buyer paid. Does it mean that I will just need to return the 1% deposit back and thats it ? Btw its been 2 weeks and the loan approval is still not confirmed.

This post has been edited by trusted519: Oct 4 2012, 12:59 AM

Yes ,so i will return the 1% that i received then the broker( who received 2%) can then return all the 3% back to the owner , right ?

tak lak sign S&P, just offer letter only. And loan approval not yet gao dim also, its been 2 weeks.

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Added on October 4, 2012, 1:12 amoh no.... headache now...

This post has been edited by trusted519: Oct 4 2012, 01:12 AM

y so fickle minded wan to sell, sell la. dun play games and create inconvenience for others
one of my previous transaction last year, the seller wanted to back out after sign offer letter. ejen convince him to continue
then while waiting for the 1st disbursement from banker, seller back out & says to forfeit my deposit as 4 months not seen any money
niama I have to cum out 2xx,xxx since the banker damn bloody slow
anyway, as at today, the fake iproperty price shows an increase of 10%
so please sell la, u also heard tat a tsunami bubble is cuming soon and all props prices will jatuh longkang with mega sale be cash ready

dont scold me la

Yeah, as ceveori shared.

first time selling , so a bit noob ma.. but anyway the reason why i decided to keep it is because originally i wanted to get a landed funded by the profit from the sales of this property one. But now, due to some constraint tak jadi. That's why think of keeping it instead, else I will end up with no house

This post has been edited by trusted519: Oct 4 2012, 01:17 AM

You hold it back, pay 3% compensation .. settle ma

TS is seller

It has to be fair to both parties, what if the purchaser refuse to buy? you hv the right to forfith the 3%.
In normal circumstances, letter of offer / Agreement to Purchase will hv specific performance once the vendor refuse to sign the S&P (refrain fr selling).
1. Purchaser has an option to :-
i) accept your 3% compensation (means you issue 4% and the agent refund the 2%)
ii) take legal action

2. Pay the agent the agreed professional fees. (2%)


In short you are facing 4 outcomes :-
a) Issue 4% to Purchaser (agent issue 2%) + issue 2% to agent as commission
b) Issue 4% to Purchaser (agent issue 2%) only - if the agent is kind enough not to take the commission
c) Just refund the 1% (agent issue 2%) to the purchaser and be prepare the purchaser take legal action on you
d) Just refund the 1% (agent issue 2%) to the purchaser + issue 2% to agent as commission, and be prepare the purchaser take legal action on you

p/s : Legal action can't be enforceable if agreement didn't states the SP

soli la, did not realize u r a noob
but it was really inconvenience to go bank uplift fd and then hav to chase the banker and lawyers again for my 1st disbursement & put back to fd
ok, u seem to be in hot soup, won't bug u, but jus want to share with u the experience from the other side

the seller before sign offer letter, he says wan to sell, then dun wan to sell, then wan to sell, then dun wanna sell
lucky ejen commision was worth the hassle, for 1 over week, ejen voodoo seller and convince him bubble will blow
too bad seller wish for bubble burst did not cum true, my sympathies but seller did cash out for over a 100% gain

tak jadi because of unable to come to a conclusion with my bf on what to buy. So I think i better keep my condo and rent it out instead. Else, I would have end up condo sold, has some cash but dont know what to do with the cash.

keep changing mind indeed is no good. I will only change it once.
But anyway, yea regarding the bubble burst thingy. But my condo is relatively cheap when i bought it, and its near lrt so i think should be able to fetch OK rent. I wouldn't think of selling it if it is not because of wanting to get a good landed which is like sooooo expensive nowadays. But now tak jadi liao, so macam no reason for me to sell the condo.

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Added on October 4, 2012, 1:32 amlolz, good one there. indeed I am considering

This post has been edited by trusted519: Oct 4 2012, 01:32 AM

but anyway, just to get some advise. If you have a condo that is at a good location with lrt and you wanted to get a landed now. Will you sell the condo off so that if will help burden off a bit the installment. or.. just keep the condo by renting it out, and get the landed at the same time

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Added on October 4, 2012, 1:34 am


This post has been edited by trusted519: Oct 4 2012, 01:34 AM

Sorry. Betul! Betul! Betul!

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Added on
If rental is good and the new purchase you two are capable of serving it, why not (1 for own-stay only, it means no investment) ..

I would refinance it as within 3 years when lrt ring complete, u can go find another bf from sentul to sg buloh & distance is not a problem
imagine tat! u get so many bf from so many diff locations, wah! can get so many rental income from so many sources

and all this answer is telling me i should not sell off my condo. but i signed offer letter liao OMG, really need to compensate 3% ? Can I not just refund ? Can i not use the excuse that the loan after 2 weeks also not yet gao dim ?

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Added on October 4, 2012, 1:46 amWALAO WEH

This post has been edited by trusted519: Oct 4 2012, 01:46 AM