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

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shneo70
post Feb 15 2012, 06:28 PM

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Good day dariofoo,

I had recently bought a condo unit which is tenanted. The tenancy agreement shall expired in a few months. I had asked the tenant and he is keen to continue renting the apartment.

My query is, how should I get the rental deposit from the vendor? Or shall I just sign a fresh agreement with the tenant, let the tenant deal with his landlord for the refund of his rental deposit? Many thanks.
shneo70
post Feb 15 2012, 06:36 PM

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Thanks for the advice. Will inform my lawyer. Thanks a million


Added on February 15, 2012, 6:43 pm
QUOTE(dariofoo @ Feb 15 2012, 06:31 PM)
You can either get the vendor to refund it back to you simultaneously upon handing over of vacant possession at the end of the transaction OR even simple would be to incorporate the deposit in the purchase price, i.e. it will be deducted from the balance purchase price [BPP] and be deemed to have been paid to the vendor. Something along those lines. Your lawyer ought to know how to go about it. The second option is better as you still take a gamble if the vendor fails to pay you at the end of the day. Better just deduct from BPP.

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Sorry, dariofoo, I forgot to ask, which lawyer should I inform regarding the rental deposit? The S&P lawyer or the bank loan lawyer? Thanks. smile.gif

This post has been edited by shneo70: Feb 15 2012, 06:43 PM
shneo70
post Mar 12 2012, 05:40 PM

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Dear Dariofoo,

Hope to get your advice for my case.
I bought a apartment last year and signed the S&P December 2011. To date my banker had already released the redemption sum and awaitng some documents from the vendor (R&R). Now, 1 month passed but the vendor seems like sitting on it; no news from vendor's side.

Is there anything I can do? He is still collecting rental from the tenant of the apartment but I have to pay interest to the bank!

Hope to get your advice.

Thanks.
Neo

This post has been edited by shneo70: Mar 12 2012, 05:41 PM

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