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wongck
post Dec 1 2011, 01:47 PM

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I'm buying a house. And the owner lawyer set these terms. Is it fair to me? Please advise. TQ.

e. The Purchaser(s) may obtain a loan from a financial institution (hereinafter referred to as “the Financier”) for a loan (hereinafter referred to as “the Loan”) to assist the Purchaser(s) to complete the sale and purchase herein. The failure by the Purchaser(s) to obtain the Loan shall not be a reason or an option for termination of this Agreement by the Purchaser(s).

DELIVERY OF VACANT POSSESSION
The Vendor(s) shall deliver vVacant possession of the said Property shall be deemed delivered to the Purchaser(s) within Five (5) working days from the date of full settlement of the Balance of Purchase Price and all interest accrued thereon (if any) and apportioned outgoings in accordance with the terms of this Agreement. In the  event of vacant possession not being delivered within Five (5) working days  from  the  date  of full settlement of  the Balance of Purchase Price, the Vendor(s) shall pay to  the Purchaser(s) interest at the Interest Rate referred to in Section 14 of the Schedule on the Purchase Price to be calculated on a daily basis commencing from the Fourth (4th) day onwards until  the actual  delivery of vacant possession to  the  Purchaser(s) Provided Always nothing herein contained shall prejudice to the  other  rights and remedies as may be available  to  the Purchaser(s) at law or by equity.

This post has been edited by wongck: Dec 1 2011, 01:52 PM
wongck
post Dec 2 2011, 09:14 AM

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QUOTE(dariofoo @ Dec 2 2011, 12:03 AM)
Some vendors are kind enough to allow a get-out clause whereby part of the deposit will be refunded if the purc fails to obtain a loan within a certain period of time - say 1 month from the date of the SPA.

Some vendors are the opposite - like the one in your case - or most probably it's the lawyer  whistling.gif

If you've got a loan approved then I suppose there's nothing to worry about in this clause. If you don't and if you're not confident, then what it means is that you have to foot up the balance purchase price in cash or risk your 10% deposit being forfeited if you fail to complete the SPA in time.
This is unfair. It is normal practice for the vendor to be penalised if he delays to surrender VP to the purc after receiving the full purchase price. The effect of the deletion is that the vendor can just delay after the expiration of 5 working days and would not be penalised for it.

You must insist for the deleted part to be included. In fact, 5 working days is very gracious. The norm is always 3.  nod.gif

Good luck.  icon_rolleyes.gif
*
Thanks for replied dariofoo.

My lawyer just follow what the vendor lawyer asked for. Then I call her and asking why she is standing at the vendor side and not my side!

Then she seems unhappy about this and want to discharge herself in this case mad.gif

Now I have to look for a new lawyer again. How can a lawyer be so unethical??? Is there anyway I can complain her? The bar council?
wongck
post Dec 2 2011, 10:33 AM

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irise.ufall

I believe you can put a caveat on that unit to stop the vendor selling the house in the future (not sure whether there is a max years or not).
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