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 [WTA] SNP Related Questions, [WTA] SNP Related Questions

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TSspikyxD
post Jan 21 2016, 03:41 PM, updated 10y ago

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Hi sifuss, booking form has stated below :

Lawyer had sent the 1st draft of SNP to owner lawyer, however there is no feedback until now and it had passed the 14 working days.

1. Does it mean both buyer and seller have to sign the SNP within the 14 days ?
2. Any action can be taken if owner lawyer still not giving feedback on the draft SNP ?
shaniandras2787
post Jan 22 2016, 08:48 AM

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QUOTE(spikyxD @ Jan 21 2016, 03:41 PM)
Hi sifuss, booking form has stated below :

Lawyer had sent the 1st draft of SNP to owner lawyer, however there is no feedback until now and it had passed the 14 working days.

1. Does it mean both buyer and seller have to sign the SNP within the 14 days ?
2. Any action can be taken if owner lawyer still not giving feedback on the draft SNP ?
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First question to ask, was there really no feedback or your solicitor did not update you with any feedback. Some solicitors have the habit of not updating clients via "c.c.". You should call them up and ask for the latest status of the transaction.

The parties would only require to sign the Sale and Purchase Agreement provided that the terms and conditions have been mutually agreed by the parties. If the terms are not agreed by the end of the 14 working days, it's either your solicitor requesting for an extension to negotiate the terms further or the seller aborts the deal and refund you the earnest deposit paid. Either way, all these your solicitors should be able to advise you without problems.

It is unusual for purchasers to abort transaction if there's a delay on the part of the seller but if you so desire, have your solicitor write in to their solicitor and see what is the cause of the delay.

Whatever it is, call your solicitor and ask! You are paying them legal fees and disbursements.
TSspikyxD
post Jan 22 2016, 09:47 AM

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Had called my lawyer previously and she said had not received the feedback from seller solicitors since first draft was sent and had drop them a reminder note.

From what she explained, these delays are normal.
shaniandras2787
post Jan 22 2016, 04:55 PM

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QUOTE(spikyxD @ Jan 22 2016, 09:47 AM)
Had called my lawyer previously and she said had not received the feedback from seller solicitors since first draft was sent and had drop them a reminder note.

From what she explained, these delays are normal.
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delays are normal but 14 days delays is abnormal.

what was the reason given to you that the vendor failed to revert back on the 1st draft?

either way, it's a prudent practice to have your solicitor write to the vendor's solicitors and put in record in respect of the delay and also to requests for an extension of time to execute the formal Sale and Purchase Agreement.

 

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