Sep 27 2022, 01:23 AM
QUOTE(touchminot @ Sep 14 2022, 03:30 PM)
Below is the term that the seller lawyer didn't want to agree in the SPA. The seller doesn't allow us to retain 7% from the downpayment. The seller lawyer did sent an email saying they wanted to forfeit the purchase.
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21B(1) RPGT Act clearly imposes statutory duty on the Purchaser to retain 7% from the Deposit and pay that amount to the Director General of Inland Revenue. The Purchaser is required by law to retain the retention sum, ot is not a matter whether your client agrees or disagrees unless section 13 of the RPGT Act is applicable here.
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There were several discusses between seller & buyer lawyer for 3-4 weeks. The agent told us that owner refused to pay us back our booking fee because we were delayed on the SPA signing. The agent said that the agency released the booking fee to the seller already, so the agency can't pay us back our booking fee, which we found it unfair. The agency wasn't replying our enquiry also. Only the agent said he will help us chase back our booking fee.
We didn't instructed the agency to release our booking fee to the owner, the agency did it on their own will.
The seller didn't want to agree our lawyer draft on the SPA, that's why we unable to finalize the SPA & get it sign. We even prepared the downpayment.
Currently our hard earned money are stuck, no idea how to get it back.
then dont retain it."
21B(1) RPGT Act clearly imposes statutory duty on the Purchaser to retain 7% from the Deposit and pay that amount to the Director General of Inland Revenue. The Purchaser is required by law to retain the retention sum, ot is not a matter whether your client agrees or disagrees unless section 13 of the RPGT Act is applicable here.
"
There were several discusses between seller & buyer lawyer for 3-4 weeks. The agent told us that owner refused to pay us back our booking fee because we were delayed on the SPA signing. The agent said that the agency released the booking fee to the seller already, so the agency can't pay us back our booking fee, which we found it unfair. The agency wasn't replying our enquiry also. Only the agent said he will help us chase back our booking fee.
We didn't instructed the agency to release our booking fee to the owner, the agency did it on their own will.
The seller didn't want to agree our lawyer draft on the SPA, that's why we unable to finalize the SPA & get it sign. We even prepared the downpayment.
Currently our hard earned money are stuck, no idea how to get it back.
put clause to get seller to indemnify buyer & the buyer lawyer for any penalty imposed by LHDN for not retaining & paying the retention sum.
thats if ur desperate to go thru with the purchase of the house.
otherwise that isn't a valid reason to say that it's the buyer's default for not agreeing to a statutory practice
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