I recently signed a booking form and paid 3% earnest deposit for a leasehold apartment unit after viewing the unit. It was a property under a well known Realty Company.

To my horror, upon clearing of cheque for the earnest deposit, the broker then revealed the unit is actually on caveat. It was then explained that it was a caveat by enraged prospect buyer on previous attempt for sales. I was fooled by either the broker or the vendor as the caveat thingy was not disclosed to us until then.

As the vendor & broker both assured us that the Caveat can be cleared given the abovementioned story and I had obtained loan approval and have signed the offer letter for loan, so I thought I will proceed with the drafting of SPA (it is the purchaser's duty afterall).

However, the vendor have demanded in the SPA:
i. an extended period of 6 months (for the removal of caveat); and [is this a reasonable time frame?]
ii. a non-remedial clause shall he failed to remove the Caveat / he decided to cancel the deal of whatsoever reason in the end. [how could we accept the outrageous clause?]

and the vendor's solicitor seems quite firm on the clause imposition, else the vendor won't agree to sign the SPA.


So I need to clarify here, is the only choice I have now is to accept the vendor's outrageous clause that is depriving our benefit wholly. What is the suggested next course of action to protect our rights as a deceived purchaser?

Please help!!! Thank you.

Well,if we have pulled out now,are we getting remedy to at least offset the consequential costs incurred.Not to mention the disappointment n opportunity cost~

My concern now is that how the current legal system helps to protect us as purchaser?!

What is the legally enforceable rights of the booking form?!

Is the vendor in fault shall the property list for sell is on Private Caveat given he did not disclose it to us?!

Any lawyer or with past experience can advise?!I'm sorry but I'm not asking for plausible answer~I need a clear and definite answer to move on...Thanks~