Bros/Pros,

I signed SPA on 30/03/09, suppose 3 months due date in on 30/06/09.
And the extended 1 month is on 30/07/09.

I called the bank and lawyer, today, 29/07/09, they stated that need about 1 more week to settle.
Bank signed the cheque today after i called and complaint after lawyer complaint to me it's bank fault.
But then after cheque was signed, the lawyer said their dispatch is not free to collect the cheque today.
They always have so many type of excuses.

When exceed 3+1, what will/can happen? Approximately how much i need to pay for exceeding the 3 months + 1 months. + 1 week.
Can i demand the late interest to be paid by bank/lawyer?

Thanks

It really depends on the developer or seller to see whether or not they wants to pursue the penalty charges.

For my case, I called and wrote in to "appeal" to the developer on the penalty and they waived it. So it really depends.

why not just take half day and pick up the cheque yourself to settle with the seller? then you will still make it 3+1

That 3+1 period does not necessarily start on the date that you signed SPA - read your SPA carefully and see whether it could start on
1. SPA date
2. date that your vendors sends your solicitor the developer/state authority's consent for transfer

Any delay caused by your vendor does not count into that 3+1 as well.

Just write-in and ask for the penalty charges to be waived.

i agree...write if the developer is the vendor...but honestly the lawyer shouldnt give such a stupid excuse..

but beware if the vendor is an individual then they have the right to terminate and forfeit your deposit...but thats quite unlikely...

anyway if you are worried you can ask for an extension from the vendor wherein they'll extend the period but you have to keep on paying the late payment charges...

i guess i left out something important, this is a second hand house.
owner is an individual. T.T
so do i have to write to anyone ? by email ? or letter ?

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Added on July 30, 2009, 2:48 amsorry, im very noob in this. does it mean the spa started when it is stamped ?
called bank and they say got extend 1 week, but dono lie me or not.

This post has been edited by dvinez: Jul 30 2009, 02:48 AM

Eh you paid your lawyer to help you mah... ask your lawyer to check for you...
1. SPA date = date SPA is stamped
2. But that's not the ultimate date to start counting your 3 + 1, check whether you have any clause like this:

I hate to say this but u really have a lousy lawyer/bank. I would have @#$%^& them even before the 3 months expired. Notwithstanding that, I suspect you signed the SPA before getting the loan hence the dalay.....am I right?

The other forumer was right, the 3+1 dateline does not commence from the date of SPA but from the date the lawyer gets the consents from the developer (if no title out yet) or land office (with title).

You are right bro, i signed before i get loan. So i wasted around 1 week.

I have been calling them on per day basis to make sure they follow up but then still late.
But they are !@#$% efficient when collecting money, must pay on the day i sign and never give me advance notice. (they did if u consider half day as notice)

Bank(RHB) are very efficient, every problem solved in few hours time. (those are small stuff, it is because the lawyer never follow up)

Lawyer never call me even they promised.
They give lame excuse such as cheque wrote wrong amount, my son is sick, dispatch(customer service manager) dont know go where, bank problem, did not follow up vendor lawyer when they are late & say help me earn interest even i !@#$%^ said i dont want.

Like I mentioned, it depends on whether the seller/developer/vendor wants to pursue on the penalty charges.
Usually for 2nd hand sales, I don't think seller would be that strict unless they are being "advised" by their lawyer.
So it's easier and more straightforward if you call up the seller and discuss about it.

Good luck.

Careful cos some seller might take advantage of the situation & forfeit yr deposit.....

today is the last day, consider if the vendor lawyer get the cheque by today, am i late ?
this is the last step in house purchase ?

and thanks a lot for so valuable guide and advice !

1. Go $%^%$#% your lawyer - tell them to do a better job from now on and tell them that you won't pay and you will lodge complaint with bar council!
2. Look at your S&P for look for the clauses that I showed in the sample S&P. Until now I don't see that you've done much wrt to what I've explained - look carefully at your S&P and you should be able to find that you're still a few weeks away from REAL deadline.

thanks bro, i understand i still have sometime from deadline.
honestly, i dont understand much from my snp, maybe its my england problem.

Most S&Ps are identical - they all come from templates... so shouldn't be too hard to find similar phrases from the sample that I showed you...

Who's your lawyer? Better share here so that we all avoid using them at all cost!