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Execution of SPA
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TSdobson
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 Oct 22 2015, 02:51 AM, updated 11y ago
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Can anyone shed some light regarding the above?
From my shallow understanding, it means signing the Sales & Purchase Agreement (SPA) and paying the balance downpayment due to the developer?
Have you heard of such thing as :-
During the signing of the SPA, you are only allowed to sign on the last page?
Lawyer does not allow you to put your initial on every other page.
Yet you are required to pay up the balance of the downpayment due to the developer?
Appreciate your 2cents!
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TSdobson
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Oct 22 2015, 10:29 AM
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I meant, sign on the back pages and initial on the rest  |
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TSdobson
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Oct 22 2015, 11:46 PM
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QUOTE(jason1986 @ Oct 22 2015, 11:44 AM) Legally there is no requirement for each and every page to be initialed. This practice comes from the banks where if there is a dispute, the bank can say u have read every page and have initialed on it. Does not really matter. An agreement without each page initialed is still valid and binding in court. If you want to initial, the lawyers should allow you to do so. By not initial-ing, it gives the developer a chance to change things without our knowledge. No? Well, sad to say the lawyers were under instructions from the developers not to allow us to initial. Was told, its a 'draft' wtf??? |
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TSdobson
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Oct 22 2015, 11:46 PM
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QUOTE(jason1986 @ Oct 22 2015, 11:44 AM) Legally there is no requirement for each and every page to be initialed. This practice comes from the banks where if there is a dispute, the bank can say u have read every page and have initialed on it. Does not really matter. An agreement without each page initialed is still valid and binding in court. If you want to initial, the lawyers should allow you to do so. By not initial-ing, it gives the developer a chance to change things without our knowledge. No? Well, sad to say the lawyers were under instructions from the developers not to allow us to initial. Was told, its a 'draft' wtf??? |
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TSdobson
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Oct 26 2015, 08:55 PM
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QUOTE(jason1986 @ Oct 25 2015, 05:40 PM) If it is a draft, I will not sign it. Like I said, if you want to initial they should allow. If not, don't sign.  |
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TSdobson
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Oct 26 2015, 08:55 PM
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QUOTE(jason1986 @ Oct 25 2015, 05:40 PM) If it is a draft, I will not sign it. Like I said, if you want to initial they should allow. If not, don't sign. |
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TSdobson
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Nov 21 2015, 10:20 PM
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sad to say a developer just did that!
in October, they told the purchasers to quickly come to sign the SPA only to find out that they were not allowed to initial on every page. were not even told that it is a draft that they were signing.
then somewhere in november, they told the purchasers to come and sign the final SPA. as expected, there were changes :-
1. changes in allocated car park
2. changes in car park price
3. changes in power / plug points
can this be reported to ministry of housing? police report maybe?
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