Asked by k***@gmail.com
Dear All,
I am a property agent, encounter a property sales case issues regarding my buyer
took his own sweet time to apply for any mortgage loan all this while, I was trying to assists him on this matter on first however his lawyer said that their law firm will handle his financing part as well. Well that's fine and we think that they will settle the mortgage loan part wisely. Regrettably the lawyer later on only inform me that he haven't get any loan services to the buyer yet and require me to contact buyer for apply loan to him.... So our side just help him to apply for bank loan then only my banker find out that he is a high commitment and DSR scoring failed profile. We try to advise him on this but end up let him scolded and he demand to find his own bank at the end.
But then he has paid all the 10% downpayment balance to our agency and vendor. And the buyer-appointed lawyer has drafted the SPA for both party to signed , awaiting for stamping this week.
So I just wanna know that if worst case my buyer still can't get any loan approval will this case become caveat case or the vendor got right to forfeit his downpayment and release his unit for selling again?
Please advise... Thankyou
I am a property agent, encounter a property sales case issues regarding my buyer
took his own sweet time to apply for any mortgage loan all this while, I was trying to assists him on this matter on first however his lawyer said that their law firm will handle his financing part as well. Well that's fine and we think that they will settle the mortgage loan part wisely. Regrettably the lawyer later on only inform me that he haven't get any loan services to the buyer yet and require me to contact buyer for apply loan to him.... So our side just help him to apply for bank loan then only my banker find out that he is a high commitment and DSR scoring failed profile. We try to advise him on this but end up let him scolded and he demand to find his own bank at the end.
But then he has paid all the 10% downpayment balance to our agency and vendor. And the buyer-appointed lawyer has drafted the SPA for both party to signed , awaiting for stamping this week.
So I just wanna know that if worst case my buyer still can't get any loan approval will this case become caveat case or the vendor got right to forfeit his downpayment and release his unit for selling again?
Please advise... Thankyou
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