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Is there a cooling off period for tenant after I signed the LOI (deposit and commission haven't been paid)? I wish to cancel the LOI after signed it, what will be the possible consequences or appropriate arrangement to be made to settle the case?
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3 Answers

Hi,

You must check the clauses inside the LOI you signed. It differs from agency to agency.

FYI, LOI is subject to contract, meaning it is not binding. For my company's LOI, we have a clause for a grace period for Landlord/Tenant to sort out the tenancy agreement's details. If cannot be sorted out, either side can choose not to proceed with no claim or liability towards each other.

So technically speaking, you can cancel the LOI with no consequence. But again, you need to check the clauses inside the LOI you signed.

Thanks,
Ander ERA
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Hi,

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