Regarding sub sale

[kahhiang]

Hi.Im the purchaser of a new private apartment which is a sub sale. However, we have went beyond the completion date as the CPF laywer is not willing to release the fund as they have found that the developer is being sued for winding up and project is not yet TOP. Can the seller charge me interest as our solicitor has not releasing the amount due to them and its already pass the completion date? Any advice on what can i do? Thanks in advance

[Squall8888]

Yup.. You will be charged 10% p.a. Because your CPF cannot use is your problem. Also, seller can forfeit the 5% after 21 days and in addition, he will sue you for any losses. Eg: He buying another unit or he miss a good priced unit, he can sue you for whatever he lose and if price go up, he can claim the price difference. Also, if he can't sell for the amount you paid, he can claim the difference also. Eg: He sell to you 1M but after that, he only sell 800k, you have to top up 200k. So don't play with this. Once you exercise, you need to complete the sale.

What project is this, btw?




Hi.Im the purchaser of a new private apartment which is a sub sale. However, we have went beyond the completion date as the CPF laywer is not willing to release the fund as they have found that the developer is being sued for winding up and project is not yet TOP. Can the seller charge me interest as our solicitor has not releasing the amount due to them and its already pass the completion date? Any advice on what can i do? Thanks in advance

[ysyap]

I think you will be ok coz the purpose of engaging a lawyer is for them to do background work on the property you are purchasing. They will find out if the property you are buying has any potential problem such as future development by government, etc and clearly, developer problem is a serious problem so the lawyer has the right to stop the transaction in the interest of the buyer. It may not be the problem of the seller but there can be cases where the seller, knowing his unit has some hidden problem, still insist on selling you the unit therefore the lawyer will do the necessary investigation and stop the transaction if its severely against the buyer's interest. Under this protective clause, I don't think the seller can do anything to you. However, it is better to check with you lawyer to get a clearer picture coz there might be other hidden clauses or conditions.

[kahhiang]

I think you will be ok coz the purpose of engaging a lawyer is for them to do background work on the property you are purchasing. They will find out if the property you are buying has any potential problem such as future development by government, etc and clearly, developer problem is a serious problem so the lawyer has the right to stop the transaction in the interest of the buyer. It may not be the problem of the seller but there can be cases where the seller, knowing his unit has some hidden problem, still insist on selling you the unit therefore the lawyer will do the necessary investigation and stop the transaction if its severely against the buyer's interest. Under this protective clause, I don't think the seller can do anything to you. However, it is better to check with you lawyer to get a clearer picture coz there might be other hidden clauses or conditions.

Hi gentlemen, thank you for the advice. Actually I have talk to the lawyer regarding late interest 10% for not completion, 21 days S&P cancelled, 5% forfeit, but they told me its not our fault and will not be liable to pay the late interest as its not our fault. I have already made payment cash+CPF.
cash is now with our lawyer, CPF is already approved and now with CPF laywer but do not want to release to our lawyer as they have found out the developer is being sue for winding up.

[august]

Probably a small developer, can hint hint which one? :p

[Komo]

:doh: really unfortunate. my guess is the project is probably a freehold one by a small developer trying to get quick buck....

the legal framework in singapore is very well established buyer's lawyer will definitely do whatever they can to protect buyer's interests. Myself I always insist on getting an experienced one. Just raise any concern you have to them. They should advise you professionally.

[louisebrown]

U'll be fine.
Yr S&P protects U provided U have signed a S&P that was vetted by yr lawyer. Some naive buyers sign OTP and S&P without their lawyer vetting them:doh: