I am wondering whether seller has the right to cancel a property deal after receiving the booking fee from the buyer. This may happen as seller found higher offer later on.
Generally speaking, the seller can’t do that. A booking fee is an offer to purchase. A booking fee of 1% is legally binding on seller and buyer, forming the contract. And, there is no cooling-off period unless it is in writing. The buyer can lodge a report to prohibit the seller from dealing with another party.
However, sometimes it’s depend on the certain agreement that seller have made with the buyer. For example, if the seller refuses to deal with the buyer, then you need to compensate the buyer a certain amount of money. So, make sure that the you as the buyer must keep the receipt as you can go back on your word once the seller confiscate the booking fee. Else, the seller has to double pay the booking fee to you.