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 Lawyers Corner, A one-stop centre on lawyers and queries

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ruben7389
post Oct 14 2011, 07:42 AM

biology1168
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Hi All, just want to check on 2 things here. My draft SPA states vendor will need to pay me 2 x 10% should he back out after signing SPA. What about the legal fee which I pay? can I put 2x10% plus my upfront cost of legal fee since I will still need to pay that if he backs off?
Secondly, since my property was just issued CF, there are some defects that need to be repaired. I tried to put it in the SPA that vendor should rectify before the end of SPA but vendor says thats not his problem and he should only inform and chase developer. How do I protect myself against this ? ZThanks in advance
ruben7389
post Oct 14 2011, 02:19 PM

biology1168
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Joined: Jan 2009
QUOTE(dariofoo @ Oct 14 2011, 12:26 PM)
1) Yes you may, but it is not the norm. The extra 10% as compensation is intended to compensate you, among others, the legal fees incurred.

2) If it is within the defect liability period, the developer will bear the costs of repairs. You can't put the burden on the seller. The normal practice is that unless there are serious structural defects, the property is sold 'as is where is'. Frankly, it is just a small matter. You can sort it out with the developer when you take vacant possession.

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Great... thanks for the advise thumbup.gif

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