Hi guys, I'm totally new here.

Recently i have just paid my booking fee for subsale house which is 1% and bank also approved my loan but i did not sign the LO or any documents beside booking fee form.

So after thinking deep i decided want to pull it off..

My agent told me already arrange lawyer for me and told me that cannot be cancel but the thing is i haven't sign any agreement is it possible for me to cancel my house purchase ? I understand that my 1% of my deposit will not refundable..

Thanks

if there is NO AGREEMENT then No Contract.

You can withdraw from the Purchase. 1% probably get BURN. See your Terms of your Booking Fees.

Of course the Agent WANT you to sign the Agreement. His Commission is dependent on the Agreement being SIGNED.

You can cancel and lose the 1%.

Before jumping to conclusions, go and read the terms of the Booking Form in which you have signed and see if there are any terms relating cancellation by the intended purchaser. Usually, only your booking fees will be burned but for some rare cases, you are also responsible to pay a fraction of your purchase price to relevant parties being their "Administrative Charges".

There is no such thing as intended purchaser cannot be allowed to cancelled. Even when you have signed the Sale and Purchase Agreement, you can still terminate the thing based on default. Your agent is bullshitting you.

Howevver, you are strongly advised to see and understand your consequences of terminating.

usually just burn that 1%.

my lawyer told me even signed s&p,
if ppl offer higher than me,
that owner still can cancel our deal...

just he will need to pay penalty to me.

What if the earnest deposit is 3.18%? The 0.18 is GST for the 3% by REN Company. Cancellation means will burnt the whole 3.18? I oso newbie

This post has been edited by aiskrimcup: Jan 19 2016, 11:40 AM

then your lawyer is not a very good lawyer to secure your interest as the purchaser he forgot to mention the remedy of specific performance.

Yes, the GST will also be forfeited because the sum is deemed paid and whenever a sum is received by another party entitled to charge GST, whether he likes it or not, it has to be paid forward to the government.

he said even u bind him with 20% penalty,
assume ur offer 500k,
another person just offer 1mil,
then he will pay u the penalty and accept that guy's offer..

haha, your lawyer really isn't too bright i think.

did he told you that the option to allow the seller to terminate is at your discretion? even if you bind him with a 100% penalty clause, if you refuse to allow him to terminate the agreement (even when he begs to you pay you 200%), you can still proceed with specific performance and binds him to sell the property to you.

out of 10 specific performance applications, 9 will be successful because real property is a specific goods, one of a kind and cannot be replaced.

well, she din mention about this..

she just told me if that property is hot cake,
then no matter how u bind him, they will still able to flee with just paying $$


guess she din thought of what u saying there..

haha, fresh lawyer izzit?

damages (monetary) can only be deemed as proper compensation if the goods transacted is replaceable for instance, a mass produced kettle, a mass produced television or maybe a car (arguable though). generally refers to exhaustible things. that's the basic in the law of specific performance.

since you are now aware, you better make sure that the sale and purchase agreement contains a clause for such because if it was deliberately omitted by your lawyer then you are stuck. in fact, it's a general clause whereby if the seller defaults, the purchaser is entitled to specific performance OR monetary compensation.

oo..
not very sure,
but my s&p signed and house already under renovating..

I dont this she is fresh la.
looks like 40 plus d.

recommended by my uncle,
coz uncle buy house be4, then she settle for my uncle.

I see then ok but if you do intend to buy or sell another property, i think it's better for you not to engage her as your solicitor anymore. most conveyancing lawyers are very lazy so to make their job easy, sometimes they don't even go through the sale and purchase agreement, they just change the parties' name and print it out for signing.

i've seen some agreements where it contains clauses which are not applicable to the current transaction and when questioned, they give all sorts of fanciful unicorn answers

anyway, i hope that your renovation can be completed soonest =)

this 1 I found out when I sign there..
there agreement come with another person's name..
then after I ask her then she said her typist type wrong



really lousy 1..

and she just simply go through and briefly explain the contain to me..

haha, very common answer "typist typed wrong" -.- she's the lawyer, aren't she supposed to check the documents to ensure everything is in proper order before proceeding?

who knows, the next time you see, the property is registered in someone else's name XD

Sorry can I ask.

I recently faced such issue as well where as I bought a unit then later decided to upgrade to a bigger unit, I only paid booking fee. But now the previous unit lawyer send me an invoice of RM10k. Before I proceed to switch to bigger unit, I have double confirm with the SA only the additional cost and their reply is only RM1K, thats why I proceed with the booking for the new unit and had recently signed the new spa.

I was so shocked when I received this. Can you guys advise some approach to not pay this amount? Should I approach LHDN or Housing Ministry for some advice?

Please advise. Sorry all.

Appreciate it.

I consulted both the invoice lawyer and my new spa lawyer, both said need to pay that amount. Please help