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ronaldlaw
Joined: 02 Jul 2008
Posts: 20
Location: Puchong
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 Posted: Thu Jul 24, 2008 4:48 pm Post subject: S&P issue...can refund my deposit?Vendor dont agreed my |
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have pay 2% for sub-sale free hold landed property in puchong on early June 2008...until today i havent sigh the S&P agreement due the Vendor disagreed the SPA prepare by my lawyer...
Vendor insist additional clause for:
1)Irrevocably undertake letter from bank before give us the tittle,
2)14 working days from the date of give us the tittle,vendor want my lawyer to advise release the loan by bank,otherwise will forfeited my 10% deposit!
vendor say it normal format for all SPA...she say either accept it or give up of buying... mad.gif
then i discuss with my lawyer..my lawyer say if take it,it going be double lock up the purchaser...1st is 3month + 1 month 8% penalty,2nd is the 14days issue.
if give up vendor not going to refund anything..WTF!
So,now i pengsa already...dunno what to do...i wish to buy the house,it good location and nice view..but some many problem to me at initial stage now...dunno whether is GOD advise me not to buy?
Pls advice me..... |
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cynthusc
Joined: 16 Sep 2005
Posts: 310
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| Posted: Fri Aug 15, 2008 9:58 am Post subject: Re: S&P issue...can refund my deposit?Vendor dont agreed |
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| ronaldlaw wrote: | have pay 2% for sub-sale free hold landed property in puchong on early June 2008...until today i havent sigh the S&P agreement due the Vendor disagreed the SPA prepare by my lawyer...
Vendor insist additional clause for:
1)Irrevocably undertake letter from bank before give us the tittle, This is not a problem but make sure that the undertaking that the vendor is requesting for can be fulfilled by your bank. Ask your lawyer to state how the undertaking is worded
2)14 working days from the date of give us the tittle,vendor want my lawyer to advise release the loan by bank,otherwise will forfeited my 10% deposit! The vendor is asking for this is because once he releases the original title he does not want a delay in getting his money. Your lawyer can advise within 14 days but the $ may not be released to the Vendor within fourteen days. Ask for 21 days and that interest be charged on you instead of forfeiture of the deposit. Further more once, your lawyer has advised the bank, the title is already presented at the land office for transfer in your favour. So for the vendor to terminate and forfeit deposit and ask for the title back is not practical and will be very time consuming and costly for him.
vendor say it normal format for all SPA...she say either accept it or give up of buying... mad.gif
then i discuss with my lawyer..my lawyer say if take it,it going be double lock up the purchaser...1st is 3month + 1 month 8% penalty,2nd is the 14days issue.
if give up vendor not going to refund anything..WTF!
So,now i pengsa already...dunno what to do...i wish to buy the house,it good location and nice view..but some many problem to me at initial stage now...dunno whether is GOD advise me not to buy?
Pls advice me..... |
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z78
Joined: 03 Oct 2008
Posts: 10
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| Posted: Fri Oct 03, 2008 10:22 pm Post subject: |
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| I tot if both parties cannot come to a concensus or agreed terms for quite sometimes, the buyer can suggest to abort the agreement. See what would your lawyer advise. |
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