I bought a property in a property expo 3 years ago. The agency firm which sold it to me said they are not involved anymore. But my property is now an abundant project and I have lost a lot of money. Last I heard was the developer is now insolvent. Part 2.
Well, you as a buyer upon signing the Sale and Purchase Agreement with the developer is directly legal binding with the developer and not the Agency firm. The agency firm has no more relationship with the buyer after completion of the transaction. Some agencies will go a bit further to add value to the service by following up with clients. But, as a general rule, the agency contract has completed and it had been completed in good faith.
Thus, unless there is mistake, fraud, misrepresentation, coercion and undue influence (s.15-25 CA50) occurring during the process leading to signing of Sale and Purchase Agreement. Which means, you have suffered one of the above mistreatment leading to a voidable Sale and Purchase Agreement.
Such a condition might occur when an agency firm misrepresented the project, or concealed major fraud. Take for example, the agency firm conspire with the developer to cheat the public. This is bad faith, and thus you as victim of this conspiracy, can take action to void the sale and purchase agreement and be compensated.
All said and done, where is the evidence? This is the hard part. Furthermore, if indeed there is a genuine development and the original intention was legitimate and all measures of due diligence was carried out by the agency firm in ensuring the project as fit for promotion. However, due to economic downturn, the project went under. This is not the fault of the agency firm. Yet, you lost money… you feel pissed! Lip service will not work. You vented your anger with the agency head… but at no avail.
Just like in a fall out of MLM, remember The JJ Poor To Rich (JJPTR) scam? Well, the agency can just say “I’m also a victim, I didn’t know. I suffered worst than you!”. Plead innocent la, and drag on the case…