All,

I know this thread is quite old here for this topic. However I would need afresh advise from you guys about my case.
Here's the info:

SPA price: 300k
Booking fee: 1k
10% downpayment: 0 as it is rebate by developer (in OTP it is written as "credit note rebate by the developer")

SPA stamped and binded.
Loan agreement approved but not signed yet.
Loan not disbursed yet by the banker.

Here's the problem:
I request to terminate the SPA due to unforeseen problem.
The developer sent me letter that I need to pay 10% off SPA price (this is a clause in SPA - standard under HDA)

I contact the lawyer which is the same lawyer as the one used by developer.
The lawyer said that 10% rebate is not applicable in this case and i still need to serve the 10% penalty.

Since the lawyer is the same as developer, I have a feeling that the lawyer is a bit biased to developer side - ie: "advising" me to negotiate with developer for 50-50 payment or to just proceed again to buy the property.

My question is, I can really "return" back the 10% rebate to serve the penalty? means that on my side, I will only loose my 1k booking. Since the lawyer said it is not applicable but I still could not understand the concrete reason why..

Has anyone in this case before? can help me...please.

thanks.

once loan is approved, buyer cannot rely on 'cant secure loan' and escaped scott free.

lucky for buyer. if the foundation already done, penalty is 20% + penalty.

time to be nice to both lawyer and developer given that this is a mid low cost home.