if not 50%, how much u want compensate? RM100? RM200? the agent is not pasar malam, the price must fixed to standardise it. else in future any agent can charge u any amount also right instead of 2%?

it is all about the fine print in the letter of offer both sides signed.

if stated in letter and buyer can't get loan, the deal is off.

if buyer accepts the cancellation, all is well and good. if buyer has loan approved and wants the deal and u want to get off, you need to pay the stipulated compensation. the time given is not all overriding as in the eyes of the law, everything is about being "reasonable" and "time is of the essence".

if you one sided renege on the deal, buyer can caveat yr prop, make life difficult for you if he wishes and willing to spend some money on lawyer.

this situation applies to both fickled minded buyers and sellers. one must be responsible when signing a contract, both sides.

you may want to ask this question in the laywer thread, someone there can help clarify for you, i think.

This post has been edited by AVFAN: Oct 4 2012, 07:22 PM

hi all , the case is now settled. Due to the SPA is not executed within 14 working days I have the right to pull out without paying compensation to the buyer. However, I will compensate 50% of full fees to my agent.

And the buyer's booking fee?

hi alex, don't see me so bad la. Thats not wat i meant at all. I also wish to compensate my agent fair and square, but on the other hand I also have my seller's right. In this case, the SPA is really not executed within 14 working days and I has my right to pull out for better offer. Just so happen the better offer is non-existend, and i would like to rent it out instead and I'm still going to get the same agent to get ppl to rend. So he actually has nothing much to lose. Instead of paying 50% of full fees, i wanted to pay him probably 1-2k. But in the end, i still decide to pay him 50% of full fees because he said he will help me to reduce cost in other areas. I understand that he is trying to protect himself, since no one knows what will happen in the future even though i told him i will let him handle my future case ad he still can earn.

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Added on October 4, 2012, 8:37 pmof course is refund lo.

This post has been edited by trusted519: Oct 4 2012, 08:37 PM

TS, you don't need to report here to answer everyone mar actually

Anyway, congrats!

This post has been edited by ecin: Oct 4 2012, 08:49 PM

haha no la, i appreciate many ppl chip in their thought so maybe it's good that i update a bit also. And in case if there is anyone out there that might be in the same situation then can refer a bit huhu

This post has been edited by trusted519: Oct 4 2012, 08:51 PM

Example:

3% deposit is RM3,000

If you (seller/vendor) cancel the agreement, the Vendor shall refund the said earnest deposit sum (RM 3,000) to the Purchaser(s) together with a compensation sum of equivalent amount (RM 3,000)

You need to pay purchaser: RM 3,000.00 + RM 3,000.00 = RM 6,000.00

plus u need to pay agent: 50% of deposit.. = RM 1,500.00

Total lost=RM 7,500.00

However, due to loan unapproved to purchaser and vendor want to pull out.. Purchaser only get RM 1,500.00, agent get RM1,500.00 (Fair deal).. or Vendor get RM 1500, agent get RM1500 (kesian purchaser)...

This post has been edited by abgkik: Oct 4 2012, 09:41 PM