Asked by Mr. HC Koh
Dear Property Guru,
I had paid 20% down-payment of the purchase price for an EC bought 2 year ago, and now required to pay the 65% progress payment of the purchase price. Due to difficulty in selling my current HDB flat, both the CPF Board and Malayan Banking cannot release my needed funds for the 65% progress payment.
If I decide not to proceed with the EC purchase:
1. Will I be forfeited of the entire 20% down-payment as stated on the purchase agreement?
2. How can I negotiate with the developer to reduce the forfeiting of the 20% down-payment?
3. Will the stamp duty be refunded to me?
Thank you.
I had paid 20% down-payment of the purchase price for an EC bought 2 year ago, and now required to pay the 65% progress payment of the purchase price. Due to difficulty in selling my current HDB flat, both the CPF Board and Malayan Banking cannot release my needed funds for the 65% progress payment.
If I decide not to proceed with the EC purchase:
1. Will I be forfeited of the entire 20% down-payment as stated on the purchase agreement?
2. How can I negotiate with the developer to reduce the forfeiting of the 20% down-payment?
3. Will the stamp duty be refunded to me?
Thank you.
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