Feeling a little itchy, I went house shopping. I managed to find a condominium unit going for a 20% discount to the market rate. I checked the place out and it was alright actually. The owner has emigrated to Australia and did not know that the price has actually risen. The potential for capital appreciation is very high because the condominium is undergoing upgrading works. Maybe luck was on my side. That was nine months ago.
Weeks after the vendor signed the offer to purchase, the whole transaction seemed moving at a crawling pace. Later it became obvious that she, in cohorts with her solicitor, also a she, was trying all ways and means to frustrate the transaction. Clauses which cannot be complied were put in place. Absurd time frames were drafted into the agreement. My solicitor was so upset. I have never seen this normally very sober person say "That's why I really don't like to deal with these b@#*!s" The agreement was such that I definitely would have my down payment forfeited unless I paid cash for it.
My solicitor then asked to deal directly with the principal of the firm. Initially the agreement seemed to be making some headway. Soon the whole agreement was redrafted. Alarm bells were ringing. Whatever the other party could not explain, they claim that it was industry practice or standard. Drafts after drafts were emailed to and fro between the solicitors.
When the other party finally realized that I was not going to back out of the deal, they decided to abort the sale. Among reasons cited were sections in the agreement which they could not agree upon. But those were the clauses they themselves put in!!! I think the vendor has now realized that she sold her property at a discount. Furthermore, the price has now appreciated by 40% compared to the agreed selling price! Now I am going to have debt consolidation for the house loan
My solicitor then told me the only way out was to agree with them. In totality. Let the vendor have all she wants. Their way. If the vendor then still do not want to sell, we are going to compel her to sell based on specific performance. Never mind that the Sale and Purchase Agreement has not been signed. There is already a contractual obligation based on the Offer to Purchase which was duly signed and the earnest deposit had already been accepted by the vendor.
Almost nine months later. About the same duration it would take for the sperm to swim to the egg, fertilize it and form a zygote till the birth of a child, the vendor finally agreed to sell. Her solicitor must have told her where we are coming from. She must have been advised what would happen if she tries to abort. The case laws are not in her favour. Maybe she was also advised that the many traps set in place in the agreement is going to work in her favour anyway! She'll be richer and she will still have her property.
Ha ha ha. Fat hopes. We are going to make sure that is not going to happen. She is in for a