Re: Careful of Asbestos
Whatever stated on the Option Form. If it says, 4 weeks to sign S&P, that applies, period. If I knew the bank wasn't going to make it by the 4th week, I would request the bank to kindly decline my application.
Whatever stated on the Option Form. If it says, 4 weeks to sign S&P, that applies, period. If I knew the bank wasn't going to make it by the 4th week, I would request the bank to kindly decline my application.
Case study on buying resale property in Malaysia:
Ms.ABC viewed an apartment, satisfied and place a deposit of 1% of purchase price to seller (Mr.XYZ)
Option form stated SPA to be signed within 14 days but Ms.ABC requests for grace period of another 2 weeks as she afraid loan application might take longer.
Mr.XYZ agreed, told Ms.ABC that no more extension after 4 weeks, else deposit of RM2500 shall be forfeited.
Due to Ms.ABC poor credit record, loan application takes 5 weeks to get approval and immediately arrange Mr.XYZ to sign the SPA.
Mr.XYZ replied Ms.ABC that he will not sign the SPA unless she agrees with the mark-up price (RM10K above original selling price), else deposit shall be forfeited.
Question:
Can Ms.ABC (buyer) sue Mr.XYZ (seller) for not refunding the deposit / refuse to sign SPA base on original selling price?