Last August, Met with Seller of the Lot and original price was 968k. We agreed on a discounted price of 900k through Bank Financing, but I will pay the Capital Gains Tax.
I updated the seller at every step of the Loan process (Appraisal, Application, Approval) and we had no issues.
Last October 23, Bank Guaranty was released (worth 700K) and only thing left for me is to pay her the remaining balance (200k).
We agreed to meet on December 5 for the downpayment, exection of the deed of sale and the filing of the title transfer.
Even called the seller on December 4 to re-confirm that we will meet tomorrow at 12 noon of December 5.
However, the morning of December 5, i called her again, and she told me she needs to raise the price back to 968k because "she made a mistake".
She needs to raise it to 968k and I will still shoulder the Capital Gains Tax because she will lose money if she sells it at 900k.
I told her she shouldn't change the price anymore as its already at the last step and that I already spent a hefty amount for the property appraisal and loan processing (around 30K).
She still insists and won't proceed with the deal unless I comply with the change of price.
My questions would be:
- Is this Legal? There was already a verbal agreement between the two parties and there are witnesses to the agreement.
- How can I ensure that this does not happen again? Is a written agreement enough? Do I need to pay earnest money to seal the deal?
