Resurrecting just to share experience. As many said, entire process including Sale Purchase Agreement will be lopsided. Best to learn and know entire process before doing this. According to my cousin, Title/Grant and Keys (Vacant Possession) are most important.

1. Buyer's lawyer will conveniently ask you to sign Memorandum of Transfer and handover your Title because want to help you to quickly get your money. Nothing is written in the Agreement on when to handover the Title.

Correct way : Sign and stamp Agreement. Buyer's bank will give Letter of Undertaking to release the loan and ask you to release the Title. Validate the Undertaking with the bank.


2. In the Agreement, you will have to deliver Vacant Possession with no definite time when you will get your Balance Purchase Price. Lawyer will orally tell you that you will instantly get paid the moment you deliver VP. The actual fact, there is another clause that says lawyer will release Balance Purchase Price x days after presenting the MoT to Land Office.


My understanding : The longer they delay submitting the MoT, the longer you have to wait while buyer gets hold of your property. If you refuse to handover, Late Delivery Interest starts kicking in.

Correct way : Vacant Possession delivered within x days after receipt (past tense == payment cleared) of Balance Purchase Price. When both parties have lawyer, Balance Purchase Price must be released to Seller's lawyer before Seller's Lawyer release keys.


3. Seller must deliver VP x days after Buyer's Lawyer receive full Balance Purchase Price.

my understanding : There is no clause to compel anyone to inform Seller when to deliver VP. If anyone "unintentionally" forget to inform the Seller, Late Deliver Interest kicks in. Buyer's Lawyer as stakeholder will be deducting the interest before releasing Balance to Seller.

Correct way : Easiest, VP after receiving Balance. Property will not grow legs and run away. Otherwise, put a clause to compel Buyer to get lawyer to inform you, failing which, no interest.


4. When Buyer knows Seller doesn't have lawyer, experienced property players will lobby to get the keys ahead of time.

My understanding : Anything that happens before official VP is Seller's responsibility. If anything happens, Buyer will ask for discount behind the Agreement. Seller also lose leverage in the deal.


Other tips :
1. Ensure Agreement is stamped and a copy is sent to you.

2. Compare with Agreements made between lawyers representing Buyer/Seller.

3. If can't reach agreement with Buyer's lawyer, discuss with buyer to abandon the deal with no cost to both parties.

This post has been edited by beLIEve: Oct 5 2024, 08:53 PM

No lawyer. I protect my own interest while making myself a good prey

This post has been edited by beLIEve: Oct 5 2024, 08:52 PM

As far as i'm concerned, in this case, the buyer's lawyer acts as Seller's stakeholder only. So yes, if not careful, lawyer will push the stake into my heart.

Yeah I *think* i fixed most of the clauses. Final stages now, VP and balance payment.