Asked by Anonymous
Buyer already agreed to buy my place but now wants more time for completion.
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4 Answers
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Mark, your RIGHT choice
Propnex Read More
Mark, your RIGHT choice
Propnex Read More
Hi,
Before agreeing to the buyer's request, I think there are a few important things to establish.
Firstly, has the buyer already exercised the Option to Purchase (OTP), or have both parties merely agreed on the selling price?
Secondly, why does the buyer need more time? Is it due to financing, the sale of their existing property or simply their preferred moving schedule?
Thirdly, how much additional time are they requesting, and will this affect your own property purchase or moving arrangements?
A genuine buyer's request can certainly be considered, but any extension should be assessed carefully, with the appropriate contractual arrangements documented.
More importantly, may I know whether you have engaged a property agent to handle your sale?
If so, has your agent explained the implications of the extension, established the buyer's circumstances and advised you on the available options?
Your seller's agent should be sufficiently knowledgeable and experienced to guide you through such situations, negotiate on your behalf and help protect your interests, rather than simply relay the buyer's request for you to decide.
Ultimately, the objective is to preserve the transaction while ensuring that your interests are not compromised.
If you could share whether this is an HDB or private property, the stage of the transaction and the extension requested, I would be happy to offer a second opinion.
Geryl Lim
9278 7772 Read More
Before agreeing to the buyer's request, I think there are a few important things to establish.
Firstly, has the buyer already exercised the Option to Purchase (OTP), or have both parties merely agreed on the selling price?
Secondly, why does the buyer need more time? Is it due to financing, the sale of their existing property or simply their preferred moving schedule?
Thirdly, how much additional time are they requesting, and will this affect your own property purchase or moving arrangements?
A genuine buyer's request can certainly be considered, but any extension should be assessed carefully, with the appropriate contractual arrangements documented.
More importantly, may I know whether you have engaged a property agent to handle your sale?
If so, has your agent explained the implications of the extension, established the buyer's circumstances and advised you on the available options?
Your seller's agent should be sufficiently knowledgeable and experienced to guide you through such situations, negotiate on your behalf and help protect your interests, rather than simply relay the buyer's request for you to decide.
Ultimately, the objective is to preserve the transaction while ensuring that your interests are not compromised.
If you could share whether this is an HDB or private property, the stage of the transaction and the extension requested, I would be happy to offer a second opinion.
Geryl Lim
9278 7772 Read More
1
Hi, first check what has already been signed and the completion date currently agreed. A request for extra time should be assessed against those terms, not treated as an automatic change.
Ask for the reason, the exact new date and whether financing is confirmed. Then work out how it affects your next purchase, loan redemption, moving plans and any temporary accommodation.
Have your agent coordinate with the conveyancing lawyer before you agree or reject a change. Any variation should be properly documented, with the applicable HDB process followed if relevant. Do not rely on an informal promise while other arrangements continue on the original date. Is this HDB or private property, and has the OTP been exercised?
Silas Tan | Huttons | TRIBE
Free property guides and calculators: https://tribesg.com Read More
Ask for the reason, the exact new date and whether financing is confirmed. Then work out how it affects your next purchase, loan redemption, moving plans and any temporary accommodation.
Have your agent coordinate with the conveyancing lawyer before you agree or reject a change. Any variation should be properly documented, with the applicable HDB process followed if relevant. Do not rely on an informal promise while other arrangements continue on the original date. Is this HDB or private property, and has the OTP been exercised?
Silas Tan | Huttons | TRIBE
Free property guides and calculators: https://tribesg.com Read More
**You are not legally obligated to extend the completion date once the Option to Purchase (OTP) has been exercised, as time is strictly of the essence in Singapore property contracts.** However, refusing outright risks stalling the sale if the buyer cannot complete—so you can either reject the request or grant a short conditional extension with financial compensation.
---
### 1. Assess Your Position & Holding Costs First
* **Check Your Own Timeline:** Verify whether delaying completion affects your next property purchase, contra timeline, or temporary accommodation.
* **Calculate Daily Holding Costs:** Tally your extra mortgage interest, MCST maintenance fees, property tax, and bridge financing costs for every day of delay.
---
### 2. Two Ways to Respond (via Your Conveyancing Lawyer)
* **Option A — Enforce the Original Completion Date:** Instruct your lawyer to serve a **Notice to Complete** (giving 21 days under standard Singapore Law Society Conditions of Sale). If the buyer still fails to complete, you can forfeit their deposit (typically 5%) and sue for any shortfall on resale.
* **Option B — Grant a Conditional Extension:** Agree to a fixed, non-extendable grace period (e.g., 2–4 weeks) strictly on written terms drafted by your lawyer:
* **Late Completion Interest:** Charge contractual default interest (typically **8%–10% p.a.** on the unpaid balance) or a fixed daily administrative fee covering your mortgage and holding costs.
* **Additional Non-Refundable Deposit:** Require the buyer to top up an extra 5% deposit immediately to lock in commitment.
* **Vacant Possession / Early Access:** Never hand over keys or allow renovation before full completion funds are received.
---
Gan Eng Joo Onassis 颜荣裕, REALTOR®
MSc BIT (Middlesex, UK); BBA (UniSA)
CEA Reg No: R021244C | Mobile: (+65) 8889 9918
Email: onassis@sgagent.com
SGAgent.com | SGRealtor.com | SGCommercial.com | SGCBD.com
SGShowflat.com | SGNewLaunch.com
Integrated Services: SGCash.com | SGRepair.com | SGLegal.com
Social (Facebook & TikTok): @sgcommercial Read More
---
### 1. Assess Your Position & Holding Costs First
* **Check Your Own Timeline:** Verify whether delaying completion affects your next property purchase, contra timeline, or temporary accommodation.
* **Calculate Daily Holding Costs:** Tally your extra mortgage interest, MCST maintenance fees, property tax, and bridge financing costs for every day of delay.
---
### 2. Two Ways to Respond (via Your Conveyancing Lawyer)
* **Option A — Enforce the Original Completion Date:** Instruct your lawyer to serve a **Notice to Complete** (giving 21 days under standard Singapore Law Society Conditions of Sale). If the buyer still fails to complete, you can forfeit their deposit (typically 5%) and sue for any shortfall on resale.
* **Option B — Grant a Conditional Extension:** Agree to a fixed, non-extendable grace period (e.g., 2–4 weeks) strictly on written terms drafted by your lawyer:
* **Late Completion Interest:** Charge contractual default interest (typically **8%–10% p.a.** on the unpaid balance) or a fixed daily administrative fee covering your mortgage and holding costs.
* **Additional Non-Refundable Deposit:** Require the buyer to top up an extra 5% deposit immediately to lock in commitment.
* **Vacant Possession / Early Access:** Never hand over keys or allow renovation before full completion funds are received.
---
Gan Eng Joo Onassis 颜荣裕, REALTOR®
MSc BIT (Middlesex, UK); BBA (UniSA)
CEA Reg No: R021244C | Mobile: (+65) 8889 9918
Email: onassis@sgagent.com
SGAgent.com | SGRealtor.com | SGCommercial.com | SGCBD.com
SGShowflat.com | SGNewLaunch.com
Integrated Services: SGCash.com | SGRepair.com | SGLegal.com
Social (Facebook & TikTok): @sgcommercial Read More