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Sale and purchase agreement, Details in SPA can be amend?
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TSBabylong90
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Jan 16 2017, 11:32 AM, updated 9y ago
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New Member
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Hi all sifus and expert here, Would like to seek your opinion on following matters:- 1. I have signed the SPA for my new condo recently and note that the VP are 46 months instead of 36 months. Lawyer informed me that the Developer had successfully obtained the extension of time from the government. Although I have request a copy of the said letters from the lawyer, I wonder that it is a normal practise under this industry? It appear to me that we have to bear more interest as the VP are longer. 2. Nowadays, many new project are usually state that the house are coming with FREE aircond, kitchen cabinet and bla bla bla, however in actual fact it is not free as in the agreement I note that BUYER have to BEAR the GST portion (which actually not free to us). I do understand that the developer want to recover the GST portion as it is not claimable to them. However, this should be deliver to us early. I wonder am I the only one who face this situation or it is normal? 3. Normally how long will it take the SPA to be stamp? Since the VP period already longer than usual, I would not like the developer to delay the date of the SAP as it would be disadvantage on my side. Would appreciate all your comment on the above matters and share your views on the above
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shaniandras2787
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Feb 1 2017, 05:32 PM
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QUOTE(Babylong90 @ Jan 16 2017, 11:32 AM) Hi all sifus and expert here, Would like to seek your opinion on following matters:- 1. I have signed the SPA for my new condo recently and note that the VP are 46 months instead of 36 months. Lawyer informed me that the Developer had successfully obtained the extension of time from the government. Although I have request a copy of the said letters from the lawyer, I wonder that it is a normal practise under this industry? It appear to me that we have to bear more interest as the VP are longer. - Yeap, big shot developers can get extension to the VP period and most developers are doing so currently so no hoo-haa about this. If the Sale and Purchase Agreement solicitors cannot give you what you want then go directly to the real estate agent that secured the deal for you. They are 50% more incline in attending to you and if both the solicitors and the real estate agent ignores you, go straight to the developer. - By the way, what interests are you talking about? 2. Nowadays, many new project are usually state that the house are coming with FREE aircond, kitchen cabinet and bla bla bla, however in actual fact it is not free as in the agreement I note that BUYER have to BEAR the GST portion (which actually not free to us). I do understand that the developer want to recover the GST portion as it is not claimable to them. However, this should be deliver to us early. I wonder am I the only one who face this situation or it is normal? - From the beginning of time, nothing was ever free. Do you think prior to the GST implementation, developers really give you fittings from their own pocket funds? Either way, check the offer letter that you signed with the real estate agent that secured the deal for you and if it's not stated and you're not happy with this "sudden GST implementation", cancel the deal and look for others.
- Honestly, there's no such thing as fair trade. It's always the purchasers that can short changed, the only saving grace is to reduce that effect. That is all.3. Normally how long will it take the SPA to be stamp? Since the VP period already longer than usual, I would not like the developer to delay the date of the SAP as it would be disadvantage on my side. - Depending on what the developer's instructions to the solicitors in question, some developers are smart, they have the solicitors to hold the stamping of the sale and purchase agreement until a certain date has come (either to wait for the AP/DL or etc). Most people don't care about the dates because the earlier the stamping, the earlier they need to service the loan repayments because of progress billings but if you are in dire need for the sale and purchase agreement to be stamped then demand from the solicitors.
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