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 Bought a property, almost 12 months ago, SPA still not done

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digitalz
post Oct 25 2021, 04:24 PM

The only thing we have to fear is fear itself.
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QUOTE(Aeon_Clock @ Oct 25 2021, 02:44 PM)
Hi all, I am in some predicament here that need some Sifus to help. I went to view an old double storey house last year and decided to buy the house after about a week or two. We paid the deposit to the agent around end of November. However the owner did not sign the agreement letter and hold it for one month before signing under pressure of us cancelling the purchase (or sth like that).

I cannot remember the details but each time we needed a document to proceed with the completion of the purchase, the owner's side delay one month. This includes house deed, ownership documents, site/house valuation by the bank and more. Of course during MCO 3.0 we were not able to proceed with anything at all.

It is now end of October and we have been waiting for discharge documents from the seller's bank & lawyer since early September. Apparently the seller's bank is also slow (SCB) so this document extra long. After this, it'll take another month at least to change name before the process can be completed.

Now you may be wondering why he purposely delay every document by one month, that is because he is still staying in the house with his whole family and is planning to move out to another bigger house. This new house however is a leasehold and as you may be well aware of...leasehold properties take longer to process. On top of that, we had an agreement in writing on the sales agreement that the owner will pay a minimum rent per month for staying at the house once all the SPA processes are complete.

My question here is can we do anything about this deliberate delay? I have been paying rent out of my own pocket for his benefit for months (another friend who bought a house on the same month as me moved into his new house in APRIL!!) and this Chinaman tactic needs to be addressed legally.

All advices are appreciated.
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Question. Hopefully you got both sets of lawyers for each party? Its hard to call it "deliberate" delay if he/the lawyers can show that certain things are out of their hand.

Also, are you getting paid and when was the "expected" VP (minus all the MCO etc)?
digitalz
post Oct 26 2021, 06:25 PM

The only thing we have to fear is fear itself.
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QUOTE(Aeon_Clock @ Oct 26 2021, 05:09 PM)
Can you image any reasons he may delay every single document by one month? Also, try explaining taking a whole month to sign the sales agreement.
No, I am not getting paid...that is the reason for his delays.

what are you saying? Its the basic SPA. What else can you add into the SPA?
Also I'm sure you would know if I terminate, I would have to forfeit the 10% deposit.
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So you still haven't answered my question. Whose lawyer? Yours or his? Or you have your own lawyer?

Basic SPA? You didn't try to include any clauses that will protect yourself during that time? You as a purchaser can include certain clauses or conditions into a SPA. It is your right.
digitalz
post Oct 26 2021, 06:43 PM

The only thing we have to fear is fear itself.
*******
Senior Member
2,030 posts

Joined: Oct 2011


QUOTE(Aeon_Clock @ Oct 26 2021, 06:30 PM)
that's the thing, I don't understand the question. What lawyer write what...that's why I asked "what are you saying"...lol
We are both using different lawyers if that's your question.
We did include a small clause into the sales agreement document but that is to begin after the completion of the purchase - advised by the agent.
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That's not to me I think. tongue.gif

Anyways, if no clauses were included to protect your interests... that's unlucky for you. The thing you can do? "Talk" to your lawyer and get the lawyer to sort it out.

Even better? Ask for a chronology and ask for all the explanations for the delay. (Most likely you'd get -> Land office delay, covid, the other lawyer delay etc).

 

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