Seller signed Form F but wants to withdraw. How to avoid 10% penalty?

Dear Questioner,

We are pleased to respond to your consultation.

Your options to avoid paying the fine:

1. Negotiation with buyer:

Trying to reach a friendly agreement with the buyer allows you to retract the contract without paying a fine.

The buyer may be willing to waive the fine if you offer appropriate compensation, such as paying a sum of money or returning a deposit.

2. Proof of legal reason for retreat:

You may be able to retract the contract without paying a fine if you have a legal reason to do so.

The legal reasons for the decline include:

- Cheating or deception: If the buyer deceives or cheats you to sign the contract, you may be able to retract it without paying a fine.

- Coercion: If you are forced to sign the contract under threat or coercion, you may be able to retract it without paying a fine.

- Incapacity: If you are not legally eligible to sign the contract (such as being minor or incapacitated), you may be able to retract it without a fine.

3. Recourse to the Court:

If you cannot reach an agreement with the buyer or prove that there is a legal ground for retreat, you may need to resort to court.

The court may ask you to pay a fine, but you may be able to reduce or avoid it altogether if you provide strong evidence to support your position.

For further inquiries about your topic, you can reach our office or contact us via WhatsApp or email.