Buyer : I want to buy your house. But, in the event the property transaction unable to go through, I want a full refund of my deposit and 1% penalty fees from the purchase price to be paid as my compensation. I need the compensation to pay my lawyer fees.
Seller : I can agree on the fully refund of the deposit. But, I won’t agree on the 1% penalty fees. Because, I also at loss. If the transaction void, my lawyer fees also burn. You better ask your lawyer to check in details before sign the Sale and Purchase Agreement.
Buyer: Okay okay… I will check with my lawyer.
Tip: When purchasing a property, it’s always best if Buyer and Seller have separate lawyer. If seller follows buyer’s lawyer or vice versa, the lawyer might bias one party. It will be losing side for one of the party.
Anyhow, if the seller and buyer are genuine to sell and buy the property, an agreement or understanding can be achieved. Sometimes a little compromising goes a long way.
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