OK I also know its not that good to do that, but just need to be the bad person this time. That's why i also feel so fan now to having to talk to the agent tomorrow about this.

Or you can take it positively (since so many people think that real estate market is cooling down), signed already, just sell it (no one can tell about future, fortune-teller doesn't count) ... reserve more bullet, or can reno nicer for your coming landed (if you can get it shortly)

of coz, we mus alwiz look at the bright side of things instead of complaining & expecting govt handouts or the end of the world via mayan 2012
when visiting frens & potential gfs, scout around the areas and see got potential to put capital to work hard and use opm or not
no worries, we won't tell your wife

Keep the condo and top up loan to buy landed.

But since u agreed to sell and collected booking fees. It's unethical to back out.

Why dont you share the offer letter that u signed? Presumably, prepared by agent, rite ?

delete

This post has been edited by Denis: Oct 4 2012, 08:40 AM

If I were u, keep the condo. Refinance it. Just compensate the 3%. Treat it as a learning fee.
Remember, money is just an idea.

just sharing my own experience which encountered last month. I pay booking RM10K for a subsales and after I applied loan and lawyer sent draft SPA to seller's lawyer, the seller call off the transaction and end up he has to pay: -

1) Refund Deposit RM10K
2) Liquidated damages RM10K
3) Agent commission RM5K

Total money that seller need to pay RM15K.

But why you want to call off the deal?

its quite unethical to call of once ppl placed a deposit. Of course, you can do so with the compensation on top of deposit refund.

Not to forget is wasting ppl time and effort....

dear all, i know its not good to do that. It's definitely not my intention to do so if i have a choice. i guess im just too noob in making decision for property.

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Added on October 4, 2012, 10:09 amthe offer letter that i signed indicated that i need to pay 50% of the full fees if the transaction is aborted after deposit is received and before S&P is signed. I think i just need to take it as a learning fees.

This post has been edited by trusted519: Oct 4 2012, 10:09 AM

perhaps, try to discuss with the buyer for a lower settlement. explain to he/she your situation and maybe sometimes can be settled with RM0 compensation

btw i think the buyer also maybe has problem in getting the loan but im not sure. Since im going to call the agent to back out , how would i know if the loan was not even successful in the first place? In that case, i wouldn't have to even compensate.

yes, try to reach a win win situation with the buyer.

If i'm not wrong, the general clause is written as below. I'm not sure what is written in your offer letter, but it only matters if the signing of S&P is delayed.


The Sale & Purchase Agreement must be signed by both parties within fifteen (15) full working days from the date of acceptance by the Vendor. In default of signing Sale & Purchase Agreement within the above validity date:
• By the purchaser(s), (provided that there is no undue delay on the part of the Vendor or Vendor’s Solicitor) the said earnest deposit sum paid herewith shall be forfeited by the Vendor and this agreement shall be treated as null and void. Thereafter neither party shall have any rights or claims whatsoever over the other party.
• By the Vendor, the Vendor shall refund the said earnest deposit sum to the Purchaser(s) together with a compensation sum of equivalent amount and this agreement shall be treated as null and void. Thereafter neither party shall have any rights or claims whatsoever over the other party

This post has been edited by recoil: Oct 4 2012, 10:20 AM

tq recoil. So can i assume that if loan is not approved and S&P also not prepared after 15 days from the date of acceptance , me as vendor wanted to pull out, its reasonable for me to just refund the deposit without any compensation needed?

That is the case now actually.

This post has been edited by trusted519: Oct 4 2012, 10:47 AM

It should be 100%, the 50% should be for between the purchaser and the agency thingy.
"塞翁失马，焉知非福"

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Added on
The number of days you can also spot it in the Form you've signed, normally 14 days or 14 working days to SPA signing, calculated from the date Vendor(you) supply sufficient documents for Purchaser to proceed with SPA and Loan Application.

In your case, likely you can call it off, details you better get someone who can talk to you face-to-face.

just called my agent, and to find out today itself is the 14th day ( only working day is counted). So I can only pray that today the loan is still not approved then i just need to refund the deposit to the buyer and pay 50% of full fees to my agent instead of compensate another 3% to the buyer.

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Added on October 4, 2012, 12:37 pmhmm if the loan is not approved after 14 days and i decide to pull out, why do i still need to pay 50% compensation to the agent ... anyone can shed some light ?

This post has been edited by trusted519: Oct 4 2012, 12:37 PM

Is like, I ask you do some work with some payment, after that I tell u, your work not needed, so? I need to pay your or not?

In fact .. You're right, there's no such thing you've to pay if the deal being called off .. probably you can give him/her Yum Char $ should be sufficient (the thing is if you want to get everything peace quickly, ask the agent to explain to the purchaser, instead of flaming).

My 2 cents.

sorry probably i wasn't clear enough. I am definitely going to compensate my agent, he is a nice guy and I appreciate what he has been doing. What i meant is probably it doesn't need to be 50% of the full fees which part of it will go to his company instead of his pocket.

This post has been edited by trusted519: Oct 4 2012, 05:06 PM

Don't forfeit the purchaser's booking fee o (50% agent+agency, 50% vendor), he/she is so pity .....