QUOTE(dariofoo @ Jul 10 2011, 01:43 AM)
If transfer is rejected, the losses of both parties ought to lie where it falls, i.e. each party bears their own losses. The purchaser can't claim anything from you. You would have to refund the deposit and the redemption sum to the purchaser/purchaser's financier, as the case may be. Perhaps that is what is meant by other monies.
How can replace with quit rent or assessment when that is your duty to pay for it? Perhaps what you can do is to ask the lawyer to define other monies.
yes, I understand that I will have to refund, but the statement say refund the deposit, or full amount of the premise, and other monies. I asked the lawyer to define "other monies", she said quit rent, assessment, and "other monies".
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7 days or 10 working days is normal practice. The rule of thumb is that you're not supposed to spend the money until everything is 100% confirmed complete. 3 months is definitely not the norm and it is unlikely that the lawyer would advise his client to accept it.
yes, I understand I shouldnt spend the money, but I do not really have that amount of money, 70% of it goes to settle my financier. I only have about 30% of cash.
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If transfer it rejected then the whole thing collapses. Yes of course the purchaser may re-apply again, but if it fails again, then what happens? The deposit, redemption sum (your financier will know how to calculate it and refund the purchaser's financier) and any other sum, like the differential sum would have to be refunded to the purchaser by you. There is no other way.
the sequence is,
1. signing S&P
2. deposit
3. buyer's financier released money
4. settle the redemption sum I am owing to my financier
5. present 1st MOT & 2nd MOT
6. wait 2 weeks
7. released balance to me. (assuming no rejection)
it's unclear when will be the final date to know if the transfer been approved or rejected. do you have any idea that how long will we have to wait till?
is there any other way for this? if the transfer was rejected, buyer doesnt mind to reapply and reapply, even if it takes years. As for myself, I do not mind to cancel the transaction, as I had a buyer last year and we had the same issue and we didnt proceed, then I paid my solicitor to do the transfer, but unfortunately, when I called after a year (this year). my lawyer didnt do the transfer for me, they said I didnt ask them to, but I oredi paid.
Back to this s&p, i know this whole transaction sound unwise. I must admit that it's my mistake not to have the strata title perfected in the first place.
please advice.
Jul 9 2011, 11:43 PM
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