AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
I exercised the Option to Purchase for an EC and executed the Sales and Purchase agreement. This was under the Deferred Payment Scheme (DPS) and as such I paid the 20% of the purchase price, the stamp duty and related legal fees, with all other payments deferred till later.

If i were to cancel my purchase now, what would be the financial implications? I am aware of future HDB applications implications and etc but I am unsure of the financial implications.

Thank you for your help and appreciate the advise.
0 •
567 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

3 Answers

Aaron Chong
Replied
Hi,

You may want to consult your law firm on this.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
0
Upvote Upvoted
Lyna Song
Replied
Hi;

If you have exercised the S&P and would like to abort the transactions, the developer will forfeit 5% of the booking fees. Other financial obligations would be the bank penalty ( if you have signed the Letter of Acceptance by the bank) . But may i ask the reason for the cancellation? I see if there are better options available for you instead of cancelling the unit? Feel free to PM me at the contact details below..Happy holiday ..

Regards;
Lyna Song
 9623 8442 
lynasong@hotmail.com
Associate Group Director
Propnex Realty Pte Ltd Read More
0
Upvote Upvoted
Ling CK
Replied
Hi,

1) You can check the terms and conditions written on the S&P that you have signed.
2) If you are unable to comprehend the content it is best you get your lawyer to explain this to you.
3) Otherwise, in general when this S&P agreement is treated as annulled, the developer may forfeit and keep 20% of the amount you have paid, in addition to recovering interest, property tax, maintenance charges, legal cost, and all other amounts owing and unpaid.
The financial impact might be extensive.
4) You also need your lawyer to write in to IRAS to get back your stamp duty if (3) damages are acceptable.
5) You will incur more legal fees as you need your lawyer to write to the developer and IRAS for the termination.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
Any response to our answer does not reach us until we scroll through each and every query posted daily.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
1
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions