Hi property investors.
I am currently in the midst of purchasing a condo whose developer is in the midst of issuing strata titles. It has been more than a month since I paid the 3% earnest deposit but the SPA has yet to be signed. However,my lawyers been telling me the SPA could not be signed till the developer replies in writing to the seller's lawyer the exact strata title and lot no. of the unit that I am purchasing.
I am getting a little worried hence would appreciate feedback from experienced/seasoned property investors or those of you working in legal fields to provide feedback to my following queries.
1. If the seller withdraws himself now, does he has the right to forfeit my earnest deposit?
2. Assume that he withdraws himself and willingly pay me back the earnest deposit, do I have the right to claim for compensation in monetary form? Of course getting compensation instead of the wonership of the property is the last thing I want as I really love that piece of property. I just want to make sure there exist some detering factors which would discourage the seller from resorting to withdrawal for reasons not attributable to me as a purchaser.
3. Is there anything I could do as a purchaser to determine the root cause of the delay and perhaps move things along?
Constrctive feedback is very much appreciated.
Thanks and have a nice day!
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