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.
Seller back out after offer letter is signed
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 Oct 4 2012, 10:01 AM
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Oct 4 2012, 10:12 AM
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QUOTE(trusted519 @ Oct 4 2012, 10:08 AM) 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. 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 compensationAdded on October 4, 2012, 10:09 am the 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.  |
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Oct 4 2012, 10:19 AM
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QUOTE(trusted519 @ Oct 4 2012, 10:13 AM) 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 |
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