Dear all gurus, I will like to get some advice here. Recently I have purchased an unit, but then regret to do so after I found that the whole development is not tally with what the agent has described. Worst thing was 10% downpayment already given and spa signed. In this case, may I have do I have any chance to get back my downpayment and cancel the spa?

Once you signed, it is considered a binding contract.

Hi, I was asked to sign spa before getting my loan, and already 10% downpayment. (first time buyer, everything just listen to my agent). Reason from my agent was that based on my profile I shd ve able to get 90%. Now bank only approve 50% loan and I want to cancel my purchase, but developer refuse to pay back my downpayment. May I know what I can do? Also, may I know is it legal to stamp my spa before secure a loan?

Yes, legal to settle SPA before loan approved, because for cash buyer no need to wait the loan. Normally we wait till loan approve before signing SPA because if loan rejected or got only 50% financing after signing SPA, I am sorry Delaine, you have to pay the rest on your own.

First rule of thumb is always: DO NOT sign the S&P unless you already got loan approval from the bank.
Or you plan to buy with cash.

there is no legal requirement to get loan before signing SPA.

there is also no obligation on the developer to ensure u secure a loan to purchase your property.

once u've signed the SPA and want to cancel, the developer is entitled to forfeit 10% of the SPA price (based on your scenario).