does the house owner get his/her share of the money when he/she completes the sale of his/her unit, or only when everyone has completed their sale as well?
if it is the former, does it mean he/she will get the money sooner if he/she completes the sale earlier than 2nd june?
My intepretation of the instructions are as follows:
1. Completion is at 2 June or later. It cannot be earlier
2. Completion is a single event when all the owners has sent in all the documentations and signed off (I forgot the name of the 'transfer' document).
3. Any delays by the any owners will mean that the completion date will be delayed (from 2 June) and the owners is subjected to late penalties.
4. The money will be transferred to the bank / cpf on completion if there is a loan outstanding or if there is a charge on the property. $20K will be with-held until the keys are handed over no later than 6 months after completion.
Please correct the above if I am wrong in my understanding. I am sure the lawyers will give the correct advice/information if you ask them.
I believe completion can be earlier - if all papers can be duly submitted and processed. It is not likely though. If i am nor wrong, if there is early completion, it means that the 6 months will begin earlier, and the final handing over of keys will be earlier. However if it is late, then sellers will be liable to charges
3 comments:
does the house owner get his/her share of the money when he/she completes the sale of his/her unit, or only when everyone has completed their sale as well?
if it is the former, does it mean he/she will get the money sooner if he/she completes the sale earlier than 2nd june?
My intepretation of the instructions are as follows:
1. Completion is at 2 June or later. It cannot be earlier
2. Completion is a single event when all the owners has sent in all the documentations and signed off (I forgot the name of the 'transfer' document).
3. Any delays by the any owners will mean that the completion date will be delayed (from 2 June) and the owners is subjected to late penalties.
4. The money will be transferred to the bank / cpf on completion if there is a loan outstanding or if there is a charge on the property. $20K will be with-held until the keys are handed over no later than 6 months after completion.
Please correct the above if I am wrong in my understanding. I am sure the lawyers will give the correct advice/information if you ask them.
I believe completion can be earlier - if all papers can be duly submitted and processed. It is not likely though. If i am nor wrong, if there is early completion, it means that the 6 months will begin earlier, and the final handing over of keys will be earlier. However if it is late, then sellers will be liable to charges
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