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15 working days have passed and my buyer has still not obtained financing and the S&P is still not executed.The buyer has so far already received 1 rejection letter from a bank.A few more applications are pending.As he has failed to comply to the 15 working day requirement,I intend to terminate the Offer to Purchase.If I fully refund his deposit,does he have any legal right to sue me later on by taking advantage of the fact that I am the one that canceled ?
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1 Answer

Albert Khoo
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Hi Anonymous,
Are both of you engaging the same lawyer for the S&P? If you have your own lawyer then your interest will be well taken care. Talk to your lawyer about your right. Under normal circumstances, you have the right to terminate the deal or even forfeit the deposit of the purchaser. But I would advise you to be empathy and considerate. Just terminate the deal and return the money. Get the purchaser to compensate the lawyer some admin fee. Read More
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