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What happen if the buyer is taking a long time to get his loan approved? As stipulated in the LO, spa need to be signed within 21 working days, and the in the remark below subject to loan approval if not approved deposit to be rerurned..how long is the time frame we need to give buyer for the loan approval as its not mentioned on the LO? Pls advice
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Morgan Koh
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Hi, Usually this question, should be plan before sign the Offer To Purchase(booking form). You can write additional statement in the form. Example: subject to bank loan approval with 15 working days, if loan reject, purchaser can fully refund the earnest deposit..... But if without this special clauses, all term and condition is depend on the content of the booking form. If nothing mentioned about refund/return, vendor may have the the right to forfeit your earnest deposit. Please beware the content. Hope above info can help you. Best Regards, Morgan Koh(REN06063) 016-6968923  Read More
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