Asked by Sam Suresh
Hello
I recently signed a Booking form with the agent to purchase land.
When I apply for a loan, I found out the bank value was RM 500K.
The buying price is RM 800K.
When I cross-checked, the agent may have indicated the wrong market price.
Both I and the vendor signed the booking form.
However, I have not paid any deposits.
I indicated the market value and ask the agent to cancel the booking form.
The booking form has normal terms such as cancellation liquidity on paid deposit.
Now the agent sends a lawyer letter to take legal action.
Question:
1. Is the owner can sue me when I just signed the booking form and have not yet appointed a lawyer for SPA and have not yet paid anything yet?
2. What is the possibility of them winning this case if its really taken to court?
I recently signed a Booking form with the agent to purchase land.
When I apply for a loan, I found out the bank value was RM 500K.
The buying price is RM 800K.
When I cross-checked, the agent may have indicated the wrong market price.
Both I and the vendor signed the booking form.
However, I have not paid any deposits.
I indicated the market value and ask the agent to cancel the booking form.
The booking form has normal terms such as cancellation liquidity on paid deposit.
Now the agent sends a lawyer letter to take legal action.
Question:
1. Is the owner can sue me when I just signed the booking form and have not yet appointed a lawyer for SPA and have not yet paid anything yet?
2. What is the possibility of them winning this case if its really taken to court?
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