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zenquix
post Jan 7 2011, 02:35 PM

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Hi

I recently purchased a completed property from a developer. During the course of signing the S&P, I found that the First Schedule did not contain the buildup of the house, which I requested the developer's lawyer to add it in. I then initialed the new version of the first schedule.

I just received the stamped copy of the S&P and I found that the S&P contained the original, uninitialed First Schedule. This was also highlighted by the bank's lawyer.

A call to the developer's lawyer got me her staff who said that the developer refused to sign with that amendment so they went ahead with the old one. If I insist on having the house buildup stated, I need to talk to the developer and risk paying late and penalty charges since the S&P is already stamped.

What are my options and recourse?

This post has been edited by zenquix: Jan 7 2011, 02:35 PM
zenquix
post Jan 7 2011, 03:53 PM

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Hi

It is a completed property (10% deposit and the rest of 90% within 3 months of S&P stamping) and the lawyer did not really follow Schedule G. My First schedule is a table of information about the property, i.e. vendor, purchases, address of property etc.

For a landed property, it is not required to state the size of the property that one is purchasing?

» Click to show Spoiler - click again to hide... «


The image is the excerpt from the S&P. I originally requested the lawyer to add on the size of the house after the address (and initialed that version) but the stamped S&P used the original page (without my signature)

Is the current S&P still legal since it was stamped without my initials on the page?

This post has been edited by zenquix: Jan 7 2011, 04:07 PM
zenquix
post Jan 7 2011, 04:10 PM

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QUOTE(dariofoo @ Jan 7 2011, 04:07 PM)
If you're buying from Developer, it must follow Schedule G. How come it's different? Did you appoint your own lawyer? What did he say?
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Sadly i did not have my own lawyer. The lawyer says that this agreement closely mirrors subsale as it is a Build then Sell. Note: I added a screenshot on the previous post. Just want to know whether the S&P is still legal without my initials on the page...

This post has been edited by zenquix: Jan 7 2011, 04:12 PM
zenquix
post Jan 7 2011, 04:30 PM

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QUOTE(dariofoo @ Jan 7 2011, 04:27 PM)
I see. Build and Sell. Yeah I saw the screenshot. So it's blank like that? Weird.

Yes it's still valid even without initials. Initials no big deal. Signature is the most important.

Is there an individual title out for this? What did the title search say? Your individual title ought to state the land area.
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oh it's not blank. I censored it for privacy sake. smile.gif

No individual title yet.

I only have the land area but the house build up is not stated anywhere in the S&P, not even in the building plans.

Wah, if initials not important, the lawyer/developer can just swap pages in the S&P after I signed it then?

This post has been edited by zenquix: Jan 7 2011, 04:37 PM
zenquix
post Jan 7 2011, 05:06 PM

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QUOTE(dariofoo @ Jan 7 2011, 04:45 PM)
House built-up info like 20x70 or 22x75 is it? No la bro that is usually not mentioned. Why are you so concerned about that? Can't you tell by the building plans? I think you can, right?
more of the XXXX sqft since house and land is different. The building plans only state some of the measurements and have tons of disclaimers and caveats.

» Click to show Spoiler - click again to hide... «


I did see the draft and and I initialed an amended copy. But the one sent for stamping is the uninitialed unamended one. Will be trying to get the initialled amended version that I signed.

This post has been edited by zenquix: Jan 7 2011, 05:24 PM
zenquix
post Jan 11 2011, 05:10 PM

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QUOTE(jigsaw2 @ Jan 11 2011, 04:51 PM)
Heyyy Dario,..  smile.gif  Gretel is doing well,... but she ate too much of a gingerbread recently,...  biggrin.gif haha,.. that was the story, right ?

I heard that it's a method whereby if a landed property is not completed within a certain period, the purchasers can appeal for assistance from their respective Local Authority to help them (the purchasers) take back the rights to their houses from the Developer, after which the purchasers can then proceed to complete their houses with their own funds till the houses can be resided in, and subsequently, apply for the CF too.

This method is especially useful for landed properties, and easier to execute too.

I wonder if this framework is really something beneficial to would-be purchasers and purchasers who are currently caught with abandoned projects. Sorry, no personal experience here. never been caught by such a thing before.

What that interests me is that this is something revolutionery for the housing industry as a whole.
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Would be interesting to see the articles and coverage on this. My first thought would be how to get the land titles (unless already divided)
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