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 Final SPA not ready after 2mths loan offer signed, SPA related matter

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TSStressedUp P
post Jul 24 2020, 02:19 AM, updated 6y ago

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Hi all sifus, I recently have this issue that the seller’s solicitor keeps delaying to finalize the SPA draft. Excuses like got other urgent case in hand, need to go into minor surgery etc given always at last minute. He also always break promises to my lawyer. Every time agree to reply to my lawyer’s comment on a specific day but always break promise or delay for about 1 week then we got his reply. Our progress now is in draft C and it already took 2 months, so u can do the math.

I think I’ve been very flexible already and gave the lawyers 2 months to negotiate the terms with each other. But still haven’t come out with a final version. Main reason is seller solicitor always delays about a week to respond to my lawyer, but my lawyer can respond to them within 2 days.

I go and check my loan offer that I signed again as I got a feeling that there might be a expiry date of that offer stands. And indeed it’s only valid for 3 months upon I accepted the offer.

Now I’m so stressed up that my lawyer told me they also can’t do anything but to chase the seller’s solicitor and also the agent everyday but it’s not really effective coz every time he sure give many excuses.

I also don’t want to go thru the stress of reapplying the loan (penalty might incurred as well) or apply for extension with the bank. Anything we can do to penalize the sellers solicitor if they continue to drag the process of finalizing SPA?

Anyone got similar experience like this?

Thanks so much, I’m really stressed now coz the deadline is approaching plus there’s also uncertainty of whether the gov will do a lockdown or not, again, it will further delay the process too..
LarryPizzaGuy
post Jul 24 2020, 02:35 AM

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Seems like the seller have found another better offer... thus they're purposely delaying until past the expiration date.
findecano1
post Jul 24 2020, 05:20 AM

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Please check your booking form, there should be a clause that mention the SPA must be signed within a specific time from the date the booking form is signed by both parties.
mini orchard
post Jul 24 2020, 05:51 AM

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QUOTE(StressedUp @ Jul 24 2020, 02:19 AM)
Hi all sifus, I recently have this issue that the seller’s solicitor keeps delaying to finalize the SPA draft. Excuses like got other urgent case in hand, need to go into minor surgery etc given always at last minute. He also always break promises to my lawyer. Every time agree to reply to my lawyer’s comment on a specific day but always break promise or delay for about 1 week then we got his reply. Our progress now is in draft C and it already took 2 months, so u can do the math.

I think I’ve been very flexible already and gave the lawyers 2 months to negotiate the terms with each other. But still haven’t come out with a final version. Main reason is seller solicitor always delays about a week to respond to my lawyer, but my lawyer can respond to them within 2 days.

I go and check my loan offer that I signed again as I got a feeling that there might be a expiry date of that offer stands. And indeed it’s only valid for 3 months upon I accepted the offer.

Now I’m so stressed up that my lawyer told me they also can’t do anything but to chase the seller’s solicitor and also the agent everyday but it’s not really effective coz every time he sure give many excuses.

I also don’t want to go thru the stress of reapplying the loan (penalty might incurred as well) or apply for extension with the bank. Anything we can do to penalize the sellers solicitor if they continue to drag the process of finalizing SPA?

Anyone got similar experience like this?

Thanks so much, I’m really stressed now coz the deadline is approaching plus there’s also uncertainty of whether the gov will do a lockdown or not, again, it will further delay the process too..
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If you are not sure what are the terms both lawyers are negotiating, is difficult to say who is delaying...it could be your lawyer also !

Pay a visit to your lawyer's office and ask him what are the terms in dispute ?

This post has been edited by mini orchard: Jul 24 2020, 05:57 AM
mini orchard
post Jul 24 2020, 06:47 AM

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QUOTE(findecano1 @ Jul 24 2020, 05:20 AM)
Please check your booking form, there should be a clause that mention the SPA must be signed within a specific time from the date the booking form is signed by both parties.
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The deadline is a guide and NOT mandatory. As long the terms have not reach mutual agreement, the booking form is still valid past the date.

2 months is normal for some cases if lawyers want to 'show off' their superiority knowledge.

Nobody is at fault for failing to reach mutual understanding on the terms in the agreement. If such thing arises, is for both party again to mutually agreed to terminate the booking form without admitting fault.

Meanwhile, if the seller has another buyer with a higher offer, he has to WAIT.

This post has been edited by mini orchard: Jul 24 2020, 08:39 AM
liyanakahar
post Jul 24 2020, 09:34 AM

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QUOTE(mini orchard @ Jul 24 2020, 06:47 AM)
The deadline is a guide and NOT mandatory. As long the terms have not reach mutual agreement, the booking form is still valid past the date.

2 months is normal for some cases if lawyers want to 'show off' their superiority knowledge.

Nobody is at fault for failing to reach mutual understanding on the terms in the agreement. If such thing arises, is for both party again to mutually agreed to terminate the booking form without admitting fault.

Meanwhile, if the seller has another buyer with a higher offer, he has to WAIT.
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what if the seller engage another lawyer to proceed new deal SPA and let TS to wait there and hang the case?
mini orchard
post Jul 24 2020, 09:43 AM

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QUOTE(liyanakahar @ Jul 24 2020, 09:34 AM)
what if the seller engage another lawyer to proceed new deal SPA and let TS to wait there and hang the case?
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There is nothing the buyer can do if the seller proceed with underhand tactics. His only recourse is to initiate legal action.

One normally dont sell to another without returning the deposit. Seller dont collect deposit from two, three or four and then sell to the highest.

Compensation is another cerita.

If is mutual due to disagreement in terms in the SnP, normally no compensation.

This post has been edited by mini orchard: Jul 24 2020, 09:45 AM
TSStressedUp P
post Jul 24 2020, 10:30 AM

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QUOTE(findecano1 @ Jul 24 2020, 05:20 AM)
Please check your booking form, there should be a clause that mention the SPA must be signed within a specific time from the date the booking form is signed by both parties.
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We have these clauses in booking form stating that:

"SPA must be signed by both parties within 14 working days from the date of acceptance of this offer by the vendor or upon receipt all relevant documents from the vendor. or"

" in the event the parties hereto are represented by their own solicitors, within 7 working days upon finalization of the terms of the SPA by the solicitors"


So my lawyer said the 2nd clause basically can "overwrite" the first clause and the lawyer can actually take their own sweet time to finalize the SPA.
TSStressedUp P
post Jul 24 2020, 10:36 AM

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QUOTE(mini orchard @ Jul 24 2020, 05:51 AM)
If you are not sure what are the terms both lawyers are negotiating, is difficult to say who is delaying...it could be your lawyer also !

Pay a visit to your lawyer's office and ask him what are the terms in dispute ?
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I saw a few disputes raised by my lawyer as the terms given by seller's solicitor is not fair to me. But the seller's solicitor damn pandai drag and take their sweet time to respond back to my lawyer's comment.

Always promise to reply "by today" but "today" always never happened.

I already chased the agent kaw kaw everyday and i dont have the seller's contact. I feel like the agent and the seller's solicitors edi pakat together (coz it's the agent intro the seller this lawyer from hell) and i suspected that agent didnt even keep the seller informed about this delay.

I really dunno what i can do now except keep chasing and wait...
mini orchard
post Jul 24 2020, 10:39 AM

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QUOTE(StressedUp @ Jul 24 2020, 10:30 AM)
We have these clauses in booking form stating that:

"SPA must be signed by both parties within 14 working days from the date of acceptance of this offer by the vendor or upon receipt all relevant documents from the vendor. or"

" in the event the parties hereto are represented by their own solicitors, within 7 working days upon finalization of the terms of the SPA by the solicitors"
So my lawyer said the 2nd clause basically can "overwrite" the first clause and the lawyer can actually take their own sweet time to finalize the SPA.
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Even without the clauses, in law no one can force another to sign an agreement with unagreed clauses.

The judge will ask ... if you dont agreed, why you signed ? Is more difficult to sue for something once one has agreed to the terms.
chamelion
post Jul 24 2020, 10:42 AM

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why not contact seller?
mini orchard
post Jul 24 2020, 10:43 AM

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QUOTE(StressedUp @ Jul 24 2020, 10:36 AM)
I saw a few disputes raised by my lawyer as the terms given by seller's solicitor is not fair to me. But the seller's solicitor damn pandai drag and take their sweet time to respond back to my lawyer's comment.

Always promise to reply "by today" but "today" always never happened.

I already chased the agent kaw kaw everyday and i dont have the seller's contact. I feel like the agent and the seller's solicitors edi pakat together (coz it's the agent intro the seller this lawyer from hell) and i suspected that agent didnt even keep the seller informed about this delay.

I really dunno what i can do now except keep chasing and wait...
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Selling of property is actually a simple process ... I want to sell, you want to buy....I want money, you want house. I am not sure why some exchange can be so complicated.

Mind sharing some of the unfair terms for discussion.

This post has been edited by mini orchard: Jul 24 2020, 10:44 AM
mini orchard
post Jul 24 2020, 11:00 AM

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QUOTE(chamelion @ Jul 24 2020, 10:42 AM)
why not contact seller?
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Is not appropriate to contact seller as he is represented. Buyer seller may escalate further problems.

This post has been edited by mini orchard: Jul 24 2020, 11:12 AM
wongck
post Jul 24 2020, 11:29 AM

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Last time got someone mention you can set caveat from blocking the seller to sell his house for number of years. Maybe you can check with your lawyer.
mini orchard
post Jul 24 2020, 11:41 AM

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QUOTE(wongck @ Jul 24 2020, 11:29 AM)
Last time got someone mention you can set caveat from blocking the seller to sell his house for number of years. Maybe you can check with your lawyer.
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No. You cant do that. Is only a booking and NOT a sale.
chamelion
post Jul 24 2020, 12:34 PM

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QUOTE(mini orchard @ Jul 24 2020, 11:00 AM)
Is not appropriate to contact seller as he is represented.  Buyer seller may escalate further problems.
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Seller can just change lawyer. Why you want to responsible for a incompetent lawyer that is not hired by you?

Ball up
mini orchard
post Jul 24 2020, 01:23 PM

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QUOTE(chamelion @ Jul 24 2020, 12:34 PM)
Seller can just change lawyer. Why you want to responsible for a incompetent lawyer that is not hired by you?

Ball up
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How sure the seller lawyer is incompetent.? He may have received the instructions from seller.

Most seller wants to complete the transactions quickly.

If want fast, ask seller to use purchaser's lawyer. All inhouse. Would he agree ?

Changing lawyer doesnt mean faster if the disputed terms remained.

That is why as third party here, we only hear from 1 side. Nobody would say own lawyer is wrong.

This post has been edited by mini orchard: Jul 24 2020, 01:47 PM
chamelion
post Jul 24 2020, 02:30 PM

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Is not buyer’s concern the problom is seller or their lawyer. The fact is you complain their side is not moving...

Perhaps you need to rethink the purpose of entire effort...
TSStressedUp P
post Jul 24 2020, 03:17 PM

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QUOTE(liyanakahar @ Jul 24 2020, 09:34 AM)
what if the seller engage another lawyer to proceed new deal SPA and let TS to wait there and hang the case?
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I really hope not... if it's like that, can i get my deposit back and will the seller pay the penalty that's incurred by the bank when i drop the mortgage loan?


QUOTE(mini orchard @ Jul 24 2020, 01:23 PM)
How sure the seller lawyer is incompetent.? He may have received the instructions from seller.

Most seller wants to complete the transactions quickly.

If want fast, ask seller to use purchaser's lawyer. All inhouse. Would he agree ?

Changing lawyer doesnt mean faster if the disputed terms remained.

That is why as third party here, we only hear from 1 side. Nobody would say own lawyer is wrong.
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QUOTE(chamelion @ Jul 24 2020, 02:30 PM)
Is not buyer’s concern the problom is seller or their lawyer. The fact is you complain their side is not moving...

Perhaps you need to rethink the purpose of entire effort...
*
Hi guys, I just managed to post as my account for post limit of 3 posts every 12 hours since my account is under probation.

Basically, the disputes in the terms below:

1. days to release balance sum - 4 working days (seller) vs 10 days (my lawyer)
2. RPGT - seller's solicitor insist not to withhold tax due to exemption vs my lawyer said the exemption period is yet to be gazetted so they will still apply the old rule (withhold tax) & let the seller go LHDN to refund accordingly.
3. Seller's solicitor deleted the clause to indemnify the purchaser against all actions claims and payments in all outstanding charges (quit rents, indah water, utilities etc) stated that seller shall settle all outstanding charges. But my lawyer said that clause is there just to make sure im indemnified in the event of seller didnt settle all outstanding charges. It's not the seller's solicitors place to give this form of assurance via a comment and not include it in SPA.

The list of disputes are long and these are just the tip of the iceberg...
My lawyer already gave all the comments back to the seller's solictor and explain why they use the terms there. But the problem now is seller's lawyer did not respond to the comments after more than 1 week since the comments were sent to them.

They keep saying will reply today will reply today. But it's always fruitless and promises always broken.

Asked my lawyer to chase, agent to chase also no use... That freakin' lawyer just draaaaaaaaaaag saja. I don't have the contact number of the seller since everything go thru agent and my lawyer...

I also dunno what to do now.
shaoching
post Jul 24 2020, 04:02 PM

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my case seller wan everything fast, to secure the deal as the market is quite soft now, maybe they worry I will get a better offer and change my mind later. so basically they tag along with my lawyer and ask everthing to be fast and even I only have one day to look through the SPA and prepare balance payment.

This post has been edited by shaoching: Jul 24 2020, 04:03 PM

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