I signed a Sales Purchase Agreement with a buyer on a cash-buy basis. We were supposed to meet at the RERA offices within 30 days of signing the SPA to effect the transfer of the title deed. 60 days have past and the buyer has informed me that he does not have the full amount to transfer of the title deed. What should I do with the 10% deposit?

Answer:


  The buyer has clearly defaulted on his obligation to purchase the property within 30 days of signing the SPA. Hence, you may choose to terminate the SPA and keep the 10% deposit. If there were agents involved in the transaction, they will also be entitled to a fee from the 10% deposit in accordance with the terms and conditions stated in the SPA.  
 
Close