TOP date

[Ilikeu]

Is there any developer who missed the TOP date in recent years?

[MortgageGuru]

Expecting Sant Ritz to miss TOP.

[MM Lovers]

Is there any developer who missed the TOP date in recent years?

Expecting Laurel Tree to miss the date.

[Ilikeu]

Familiar with the calculation of the liquidated damages the developer has to pay for missing the TOP date? The liquidated damage calculated on daily basis based on 10% per annum of the total sum paid by the purchaser.

For example, the contract price is $1.5m and I had paid 20% cash ($300k cash) and 40% ($600k loan) by loan and the developer missed the TOP date, total $900k paid by purchaser. Balance loan (40%) for TOP and CSC undrawn yet.

1) Does that mean the developer has to pay liquidated damages 10%/365 days x 900k = $246.57 per day to the purchaser?

2) Does this full liquidated damage of $246.57 per day goes to the purchaser or the amount has to be split between the purchaser and the bank on a pro-rata basis (since $600k is the loan drawn)?

3) Is there a risk of the loan being terminated by the bank since the TOP date is missed?

Many thanks for your advice.

[propertycarrots]

Hi,
Full liquidated damage goes to the purchaser and unlikely the loan will be terminated by the bank