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 Lawyer's Corner v2, One-stop centre for any legal queries

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jd4eva
post Mar 20 2012, 01:48 PM

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need assistance here.

I received a quote for purchasing a property cost 165k, breakdown as below

Sale n purchase agreement = 1605
deed of assignment = 200
form ckht-2 = 200
6% service tax = 120.30

stamp duties on SPA = 40
stamp duty on transfer = 2300
stamp duties on deed of assignment = 40
adjudication = 10
title search = 100
bankruptcy search = 50
administrative charges (developer) = 50
admin charge for change of ownership = 150
faxing, photocopy, telephone, printing = 150
misc = 50
travelling expenses = 150

Total 5185.30

I am keen to know whether this is cheap or can further reduce the cost....

jd4eva
post Sep 18 2012, 01:19 PM

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hi there,

would like to ask about the clause in SPA. I am a seller of a property and the selling process has some delay and the lawyer quote me the sentense below:

"Pursuant to Clause 2 of the SPA, Completion Date is 90 days (please refer to definition of days at Clause 22 - working days) from the date of the SPA . Thus, Completion Date is on 5.10.2012 and the Extended Completion Date is 30 days thereafter subject to late payment interest at interest of 8% per annum on unpaid balance from the expiry of the Completion Date till the Balance Purchase Price is paid to the Vendor"

SPA date is 28-May-2012.

the 90-days is referring to 90 "working" days or 90 days including holiday, saturday and sunday?

Pls help to clarify
jd4eva
post Sep 18 2012, 01:40 PM

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QUOTE(dariofoo @ Sep 18 2012, 01:26 PM)
In any other SPA, it would mean normal days. In fact, completion period is normally measured in months (hence the term '3+1'). It would state 3 months across the board. SPA date 28 May 2012, so 3 months would be 28 August 2012.

However, in your SPA, if it is stated '90 days' and 'day' is defined as 'working/business day', then I believe that the purchaser's lawyer has done a huge favour for his client indeed, to your detriment, unfortunately.
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hi dario thanks for the reply.

I check the SPA,

in the definition, there did stated BUSINESS DAY means a day (other than a Saturday, Sunday or public holiday) bla bla bla......

however, some of the clauses in SPA stated DAY instead of BUSINESS DAY. Does it mean DAY also referring to BUSINESS DAY?

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