Legal Advice

[keir_grey]

Anyone has experience with sale of property?

If someone signed an agreement of sale, collected a deposit....subsequently wishes to annul the agreement, doew he/she need to pay:

1. agent fee
2. compensation to buying party for opportunity loss/legal consultation fees,etc.....

[Godfather]

Need to check with lawyer. But nowadays very common of seller backing out of sales.
Alot of buyers just pass the cheque to the agent to secure the deal, machiam me
So, what happened from my experience was, the buyer accepted the cheque but didnt cash it, and return the cheque and back out of the deal. I'm not aware if there is a signed agreeement between the agent and the seller though.
Unless your case has a signed agreement, dont think there's a case, and of cos all the hassel of going thru it.

[keir_grey]

Originally Posted by Godfather

Need to check with lawyer. But nowadays very common of seller backing out of sales.
Alot of buyers just pass the cheque to the agent to secure the deal, machiam me
So, what happened from my experience was, the buyer accepted the cheque but didnt cash it, and return the cheque and back out of the deal. I'm not aware if there is a signed agreeement between the agent and the seller though.
Unless your case has a signed agreement, dont think there's a case, and of cos all the hassel of going thru it.

Thanks..dude...

btw, aren't u concerned seller backed out b'cause he got a better offer....which potentially could be your winfall?

[Godfather]

Originally Posted by keir_grey

Thanks..dude...

btw, aren't u concerned seller backed out b'cause he got a better offer....which potentially could be your winfall?

When you're buying, of cos you're turned off when seller backs out.
likewise if you're selling, the buyer would be sort of pissed too.

Now is sellers' market, which is why buyers who gets sellers backing out of deals are pissed. But considering when market was bad, buyers who agreed to a deal would back out too if they found a cheaper deal.

Hence I'm not really concern or bother about it until something is signed.

At least I dont feel bad now if I back out of a deal ... which I DID! after been pissed 2-3 times hahaha