I recently paid 2% earnest deposit to book a subsale property.

the booking agreement signed between me and agent says that 2% forfeit if I don't sign S&P within certain days.

only during hse re inspection later with friend again, I noticed, kitchen countertop and floor. beneath is not exactly flat, slanting to one end, we worry hse sinking. the tiles in room beside kichen has been replaced and all walls repainted, cannot notice cracks. I worry for hidden structural defects.

loan approved. can I cancel booking and ask refund?
in case agent refuse to refund, will consumer tribunal
court support me?
thanks

This post has been edited by bg12: Oct 26 2016, 07:54 AM

Parking, also want to know..

What's the agreement on this? A full refund when you couldn't secure loan? Did you applied for 90% loan and get the full 90% loan?

yes my 90% loan approved.

aggrement says refund if cannot secure loan.

is the booking agreement valid, ? can be challenged in tribunal court?

thanks

it is valid but if u want to challenge, i think u need to prove that structural integrity of the house in bad condition, need to hire consultant/architect to do the evaluation. try discuss with the owner about the refund maybe pay him a bit or maybe can ask your friend who work with the bank to come out the rejection letter.

Seconded....
U need to come out with failed bank loan approval letter to claim yr full earnest deposit.

In developed countries...u always hire a professional to assess the condition of the house before paying anything...from termite infestation to abs board to structural defect...

Having said so...if u like the house and the price is ngam...perhaps just need so repair or reno work to fix it instead of cancellation?

Most landed built in the past 20 yrs or so....all tak boleh pakai de....3 yrs pipe burst 4 yr reserved tank burst
5 yrs paunt faded and 6 years....all hell breaks loose...

You will need a rejection letter, in your case it's a bit difficult since its 90% loan approved.. is it written in the booking agreement that you will proceed if it's 90% loan secured?

GG ur booking

Very hard lah..looks like oversight on your part also..did not check carefully..you shud get a red flag already when they want to forfeit earnest deposit if not signing snp after certain timeframe. Very rare to get that nowadays. But then again perhaps u worry too much? Was the house beside a lake that u feared it might sink? Are there other sinking cases in the area?

Also for a kitchen its normal for the floor to slant to one side so that water wud flow to the drain no?

If the house really have so serious issue, suggest you waste 2% booking fees and penalty fees to terminate your loan.

It's more worth your time and effort to grab back your deposit.

TS apply loan through the agent or urself? The loan approval letter bank got Cc to the seller?

Can play trick like presenting loan rejection letter?

1st we are not sure whether the house is really has sinking issue.

or it could be workmanship problem.

most people here are now encouraging TS to fraud and try not to forfeit the 2%.

i think better to discuss with owner. maybe nego for a cancellation or for lower quantum

agent said he talked to owner and decided to forfeit

i tried offer 1 mth rental offer for each party,. agent refuse saying that I must abide by 'law'

I was foolish to follow bank contacts given by agents,. now the agent knows all banks approve my loan

isn't there any other way, tribunal? the agreement is not stamped also...

it is the earnest deposit 2% paid to agent as booking fee.

u suggest give up the 12 krm, isn't there any legal way to claim it?

I admit my mistake, but can they or law punish me lesser instead say, 1 month rental I pay to agent or owner too... instead of 2% which is too much penalty for change of mind?

it's actually counter top, high at center near sink and lower at both sides touching wall

agent charge me 3k to redo the counter top, but I refuse

the whole hse is painted, gnd 2 rooms tiled changed. one wall in the last room beside kitchen appears like vertical patch up and painted over. agent claims no crack no sinking.

during meeting with friend agreed to refund, after that refuse saying house is actually fine, cannot refund

Unless it is major issues, rather than look at micro view, IMO you should evaluate your purchase based on Property VS the price. Nothing cannot be solved with $$$ (almost).

If the purchase price is good and well below past transaction prices, not reason to dwelve on this issue.

Good luck.

12k sounds a lot, but if the house really a big serious problem like what you saying, 12k save you peace of mind, i think more worth.

unless u can take all the hassle of the house problem

maybe you can try to max up your commitment with bank, example: personal loan , then reapply the housing loan , do early settlement on your PL after bank issue a reject letter.

not sure the idea work or not

rare? always enforce min time to execute snp cant let ppl take me on ride

Try to talk to ownerlah..sometimes they might entertain, also you need to look at your booking form on what it said.. there is no "law" per se si you have to negotiate your way..also if you engage lawyer how much wud it cost you? In the end best to take it positively and ensure you dont make the same mistake in the future..in life you win some you lose some lor..what to do oso?

Hehe..yes if you are a seller..good to weed out the time waster also..but as a buyer you could get suspicious..i.e was there a dead body found in the house that the owner die die want to let go oso 😂😂😂

Can ts give excuse like yes the loan is pass but u dun wanr this bank because of bla bla bla.
And he was rejected by other banks?

You need check the letter offer you had signed , all ther T&C is there. sometimes we need follow T&C as you had signed, it also mention once you signed , it sold as "as it is" , do before signed, you need check very properly .
sometimes there is other way call " HELP "

Can not lah..the earnest deposit is there for a reason, that you are earnestly interested in the property..thats why its actually advisable to at least view the property three times, also you should bring along someone with experience as your second pair of eyes..otherwise use a very common excuse lah ..like you need to defer to your wife/husband/father/mother before making your decision..dont fall for all the selling tactics out there i.e must sign deposit now otherwise other people will sign etc etc..

Thanks for the tips, rush alwayd ended up adversely.
Lol some buyers signed spa for 2% discount.

You have to see your booking form whether the property is sold to you on as is where is basis, meaning you have to take the property subject to all defects. If yes, then too bad for you because once you paid the earnest deposit and signed the booking form you agreed to bound by the terms of it. Since you signed the booking form, they are entitled to forfeit your deposit if you don't sign the S&P within certain days.

You try to negotiate but most probably the owner or agent wouldn't refund your earnest deposit. They might just say after they accepted your booking they rejected other potential buyers and thus it is fair to forfeit your deposit.

This post has been edited by Ah SiAnG: Nov 1 2016, 10:40 PM

To be fair,
One must also look at seller pov.
Once the owner received the earnest deposit, the owner cannot sell to other parties already.

If every buyer act the same way by giving earnest deposit then after 1 month later decided to buy and cited those trivia matter, then seller wasted another 1 month and potential lose of opportunity to sell other party already during the 1 month loss.

Paying earnest deposit means one is sincerely want to buy the property already and tight up with the seller.

+100