May 19 2023, 05:27 PM
QUOTE(seongmeng @ May 19 2023, 10:11 AM)
I am seller and signed SPA on 2018 , stamped and collected 10% Deposit.
Purchaser failed to pay balance untll now.
in the SPA mentioned:
In the event of purchaser failing to pay the balance Sum within time stipulated, Vendor shall be entitled to terminate this agreement following consequences clauses:
a) this agreement shall rendered null and void and the parties hereto shall have no claim or further claim against each other save and except for past breaches.
is the above mean this agreement will be automatically terminated ? or what should i do to terminate this SPA ?
why havent pay balance? either ask ur lawyer or read the SPA urself see what is the issue.Purchaser failed to pay balance untll now.
in the SPA mentioned:
In the event of purchaser failing to pay the balance Sum within time stipulated, Vendor shall be entitled to terminate this agreement following consequences clauses:
a) this agreement shall rendered null and void and the parties hereto shall have no claim or further claim against each other save and except for past breaches.
is the above mean this agreement will be automatically terminated ? or what should i do to terminate this SPA ?
u need to issue termination notice. it doesn't auto terminate.
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