Plan to buy a subsale new condo(under master title). A lawyer told me that buying subsale house at end of the year might take longer processing time. Reason being there many holiday e.g Xmas new year CNY etc, and people tend to clear leave or take leave during this period. Advise me to nego with seller see whether can extend the processing period from 3+1 to 4+1 to avoid paying penalty 8%. Anyone experience this before?buying hse at end of the year and how long the processing take to complete?

if the delay is on the seller's part, u won't get penalty.

if it is your part, yes, you'll have to pay and you'll need to pressure your lawyer.

my longest purchase was a subsale, freehold unit that took me 3 + 5 months. darn the seller!

If you did your part, there's no reason for the process to take longer than 3 + 1 month.

3+1 months should be enough,given all parties done their part.

Mine took about 8 months to complete.

And FYI the period is counted AFTER gotten consent letter from the developer, and ask your lawyer to include clause says if any incomplete documents not received, vendor shall provide within 7 working days or interest shall be bear by them to you.

Normally within 4-6 month for everything to settle...

hello.

my offer to purchase letter states, 90 days to settle + 30 days extension. and 14 working days to get loan approved. is that standard terms?

Yes standard timeframe...however do ask ur lawyer to include clause in case due to misc circumstance...provide additional 1 or 2 mths extensuon in case buyer unable to secure 90% loan fiancing...bcoz usually case is loan appove but they give lower margin...

The delay usually is from the Developer itself. So... u should not be at fault

thank you babe.

In my current situation, My buyer just placed to booking to my agent yesterday, and i just notice that my loan locking period will expiry on 2.4.15.
Hopefully the full settlement from lawyer to my bank will make it after my lock in period, else bank will ask for 3% for minum kopi..

The clause added to SNP or Letter of offer?

Erm...those take more than 90 days to complete then get penalty very pain lo?

it's 8% annual, calculated on daily basis. hahaha. I'm pretty sure I'm wrong, but I think it's like this


property value 1,000,000 = 8% = 80000 / 365 = RM220 per day.

someone correct me