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May I know the consequences if one party was to back out from the purchase of a private condo property. Be it that all agreement has been signed, bank loan approved and the first 20% has been paid of using CPF. Thank you
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4 Answers

Ivan Ng
Replied
Hi,

May I know are you referring to purchase of private properties under construction, and is this Private Condo or EC that you are talking about? Regardless, a minimum 5% cash amount is required for all private property purchases.

Thanks and hope to understand your requirements further and value-add to your plans.

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Ivan Ng ERA ASAP
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  • AH
    Replied
    Yes it is a private condo. The first 20% had been paid off using CPF and cash. Just like to know whether one party can still carry on with the purchase of the property. And what will happen (CPF or any legal fee) to the other party if he or she was to back out. Thank you.
Mike Lim
Replied
Morning,

Should a buyer who have exercised the Option and opt to back out of the contractual agreement, the seller does for the right to sue the buyer and request for specific performance. Your servicing agent should be able to assist you accordingly.

Regards
Mike Lim
 96929209 
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Aaron Chong
Replied
Hi, let me put it simply, that if any buyer will to back out upon signing of the legal document, the seller will have the right to sue and to ask for compensation.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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  • AH
    Replied
    Is Co owner. What I meant is only one party wants to back out. The other party wants to remain as the owner.
Geryl Lim
Replied
Will the balance party willing to proceed with the purchase be able to afford in purchasing this property as a single owner?

If yes, you may probably check with the lawyer to see if there is any documentation works that can be carried out to effect the change. I suppose for the seller end, as long as the sale can proceed smoothly, they are unlikely to be concern at the end of the day, the property concern is sold to 1 or 2 buyers.

The most encouraged way now moving forward is to seek advise from the lawyer to avoid any legal issues.

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