Jun 17 2021, 12:02 AM
QUOTE(1234_4321 @ Jun 14 2021, 10:17 PM)
Hello all,
Would like to hear from your advise, the S&P signed and should be executed within 90 days, but the implementation of FMCO making the transfer not possible.
In case if the FMCO keep extending, am I legally have to pay the interest once it past 90 days? or there is some clause for buyer to exclude from this..
Hi, do you mean that the s&p has been signed or not yet?Would like to hear from your advise, the S&P signed and should be executed within 90 days, but the implementation of FMCO making the transfer not possible.
In case if the FMCO keep extending, am I legally have to pay the interest once it past 90 days? or there is some clause for buyer to exclude from this..
If you meant late payment interest for the payment of balance purchase price, kindly check your s&p if this clause was included in the agreement. Considering the pandemic has been more than a year, this clause shouldve been inserted in the agmt.
However, if it's not, you can get your lawyer to prepare a supplementary letter or email in writing for the vendor to waive the Late pymt int. to you due to the implementation of FMCO.
As for the latest FMCO, law firms in the conveyancing line are not allowed to operate but only work from home. Land offices are closed as well.
Hope this helps!
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