Oct 22 2018, 11:45 PM
QUOTE(bukechi @ Oct 22 2018, 10:26 AM)
hi, is this trend ok?
my grandpa selling their home, but this potential buyer dont have enough money to cover the 10% initial payment from the total selling price.. he say that after get snp he will withdraw the 10% and give it ...
is it an ok way to sell?
any counter safety measure can be taken?
the buyer look honest people btw , trying to help him to buy the property in the same time need to protect my lovely old grandpa
at least must pay 2-3% booking fee first to 'secure' the unit. inform ur lawyer to draft the SPA to reflect as such.my grandpa selling their home, but this potential buyer dont have enough money to cover the 10% initial payment from the total selling price.. he say that after get snp he will withdraw the 10% and give it ...
is it an ok way to sell?
any counter safety measure can be taken?
the buyer look honest people btw , trying to help him to buy the property in the same time need to protect my lovely old grandpa
if he want to withdraw epf to pay deposit, he must take the stamped SPA + loan letter offer as part of the documentations needed to withdraw epf.
if after he withdraw and cancel, it's deemed as "purchaser's breach of SPA" and you are entitled to sue him for 10% of the purchase price as liquidated damages (usually SPA will have this clause, so make sure it's stated in there).
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