Hi Dario sifu,

I had recently bought a house with SPA signed on 13/07/2012 everything looks OK but recently I was told that the bank and the developer have some issues in the undertaking.
The bank is not agree with some clauses in the undertaking while the developer is firm on their clause. This case has been delayed for almost a week now and my SPA completion date is near where it would be around 13/10/12. There seems to be no end of this issue and I am afraid I will need to bear the penalty charges if delayed. FYI, I have a common lawyer for SPA and Loan.

1. May I know if the dispute is between bank and developer, do I still need to pay the late interest penalty?
2. If yes, what can I do to protect myself as I am not involved in the delay? I feel it is very unfair to me.
3. Is the 3 months completion date include weekend and public holiday?
4. Based on your experience, can my SPA completed on time if they finally agree their undertaking by this week?
5. Shall I highlight this issue to my lawyer to prevent any penalty by developer?

What shall I do?

Thanks in advance.

Thanks Dario sifu for prompt reply,

I have been following up very closely with my lawyer and he is saying that he is now waiting for the bank senior management to approve the LU since the developer is firm with the decison and they are still holding my sort of title grant. The developer has seek legal advice from the legal department and they are not going to issue new LU. Bank on the other side also seem not agree with the LU. I am afraid their decision is not approve and keep on dragging the issue.
At the end I am going to pay the penalty which I felt is totally unfair to me.
Aside of waiting for the approval alone. What else can I try to do?
Can my laywer act as a stake holder or something to sort the issue?

Thanks,