Hi. Hope anyone can advise me on this

I sign SPA on 22nd October last year and completion will take 3+1 months.

However last week lawyer (who representing purchasor) ask me to sign a letter to extend the completion date saying that the bank actually want that letter.

It is just a simple letter where it gives them extension of completion date.

Lawyer also said should i didnt sign it they unable to release the balance.

Is this normal practice and if i happen to sign it, it means any delay i will not be able to claim for any interest right?

Acoording to your SnP agreement date, you have granted a 1 month extension and everything shall end today.

Is up to you whether you want to grant further extension out of goodwill. The 1 month given earlier plus any further days of the completion date shall be charged interest on the unpaid outstanding.

The interest chargeable is provided in the SnP agreement.

This post has been edited by mini orchard: Feb 22 2022, 07:34 PM

Thanks for the input. So that means i still have rights to late interest as mentioned in SnP, even when i agree to give them additional extension?

Yes and reconfirm with your lawyer again tomorrow.

Thanks alot, appreciate it!

Hi mini orchard

The lawyer call again and this time around she advise that buyer would like to pay up the remaining balance with their own money, instead of waiting for the bank to release it. The reason is they want to avoid interest charged on them.

I am quite worried as they still havent change the name at the land office (still close due to covid case). Is this normal practice?

You are still entitled to charge interest base on the earlier extension. Pls check your SnP date again. Is it confirmed written 22.10.21 ?

There is no problem if the buyer wants to settle first and claim the money from the bank later.

Once you received the full payment, is not your responsibility to change title name. His lawyer have to settle it.

Better still if he dont change name. You can sell again ! ....just joking.

This post has been edited by mini orchard: Feb 23 2022, 11:40 AM

yes the date written was 22.10.21.

so it shouldnt be any problem if buyer want to settle using their money? i am worried later if anything happen as technically it is still my house. another thing the house is sell off as is, means during viewing of the house and until now i didnt do any repair or anything. i think it is clear to them the house need to be repair (wiring issue mostly). if they didnt change the name, will that have any impact to me? like the buyer will ask me to repair this and that?

Once you received full payment plus late interest, you give vacant possession to buyer.

As long there is no change to the condition of the property during viewing and vp, your responsibilty to the property is over.

thanks alot for the fast response.

is it common practice in selling/purchasing property? it seems from my case the purchaser want to avoid paying interest so they will to settle like this.

In most SnP, everything should be settled within 3 months for freehold. Every purchaser will chase, chase and chase b4 dateline.

For the past 2 years, things are unpredictable due to covid and wfh issues that cause the delay.

This year, things should go back to normal.

If your purchaser dont have spare cash, he has no choice but to extend and pay interest.

This post has been edited by mini orchard: Feb 23 2022, 03:09 PM