Hi guys,

I'm about to sign my agreement to purchase a 2nd hand condo whose strata title has JUST been release last month. The owner wants to transfer the title to me directly (making me as the first owner of the house). However there is one statement in the agreement that is not on my side:

Payment Terms:

Payrnents hall be in the following manner:-
a) 10% of the sales and purchase agreement (SPA) price to be paid upon signing the SPA;
b) balance of 90% to be paid within 90 days from:
* i) date of SPA or
* ii) date of receipt of consent of the developer/statutory body and/or relevant authority and/or issuance of certificate of fitness
* whichever is applicable.

Now the part that is not on my side appears to be the "b)" part which clearly means that once I sign the SPA, I have to pay the balance 90% (or rather, the bank). Since the strata title has just been released, the entire process would take an extra 3-4 months (or so) I've been told. So if that is the case, there's no way the bank would release the 90% within 90 days (3 months) as the strata title has not even been transferred to be yet by then..

Appreciate your advice and comments. Thanks.

if the SPA is the standard format then u will have extra 1 month for extension of time to settle the balance. Since it also state that its either one then i will take it as the date start from the date of receipt consent from relevant body, which more than sufficient time to settle the balance unless your bank screw up.

But you see, I will have to sign the SPA in 14 days (stated in the agreement) , so won't they choose that instead (begin the 90 days once SPA is signed)?

tat part is negotiable with seller, its all up to seller whether he want enforce that clause.

UOB u can call my banker Yunni at 012-6709643. actually HSBC can give -1.9% BLR for whole tenure.. also not to sure which is better though .. which is about -1.9% through out also.. on simple average calculation.

for HSBC u can contact Karen at 0126333602 both are very helpful.

besides that, unless the lawyer screw up (in many cases)

or the lawyer assistant aka clerk screw up or can't find your documents too, tat might make thing worse