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Thread: buyers back out

  1. #1
    Join Date
    Jan 2008
    Posts
    127

    Default buyers back out

    recently i jus sold my apartment at joo chait. we have signed all the neccesary documents at my lawyer's office but the buyer last minute told me his loan from bank is not approved. now, what options to i have? i don't wish to resort to sue the buyer. i'm just thinking of having him to pay for all the lawyer's fee and 3 months of opportinity cost (for all the waiting while he gets his loan). that works out to be about $20k and of cos his 10% deposit will be forfeited as well.

    but now buyer said he got no $ to pay us. he said he is willing to forfiet the deposit ($7k) to cover my loses but will not pay anything extra. how????

  2. #2
    Join Date
    Feb 2008
    Posts
    393

    Default

    dear juju


    Sorry can you be clearer what you are saying.

    When you say you have signed all the necessary documents, what do you mean?

    Do you mean you have given an option to the buyer and that the buyer has exercise the option or you have entered into an Sales and Purchase agreement straight with the buyer?

    There is a difference, you say they only give you deposit of $7k, so that sounds to me like he has paid you only 1% deposit??? How come 3 months???

    Aiyo, cannot give you advise base on what you have written.

    if you have only entered into option to purchase and the purchaser has not exercise option. You will only be entitled to forfeit the deposit.

  3. #3
    Join Date
    Jan 2008
    Posts
    127

    Default

    what i meant was they have excercise the option. $7k is the 1% deposit. how i deprive the 3 months is the waiting period for them to get the loan approved. it's the opportunity cost that i have lost. i would have market and probably get my property sold.

  4. #4
    Join Date
    Jan 2007
    Posts
    106

    Default

    Sorry to hear that JuJu. If the buyer has exercised the OTP and you want more than the 1% downpayment, it's best to seek legal recourse.

  5. #5
    Join Date
    Jan 2008
    Posts
    127

    Default

    have discussed with my hubby, he said don't want to make things so complicated. just keep the $7k. give the guy a break. i ok lor

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