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.

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.

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.

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.

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 =)

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