If someone is buying a condo which developer had submitted the list for strata title division, and both the owner n buyer decided to go into S&P agreement, what are the risk involved ? Any idea how long have to wait? Who is paying the MOT ?thanks!

MOT are normally paid by buyer, unless developer have a promotion/offers to pay on your behalf (by adding the cost into the selling price )

That's why some sellers will let go at a discount as the MOT is not cheap, and at the same time buyers will hold off until the transfer is complete before buying. Eitherway, if both parties are aware, then no loss there, if only one side knows..oh well..