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We have decided not to exercise the OTP for a new launched condo. We informed the developer in late August through our lawyer. However, until today (more than 1.5 month), we have yet to receive the remaining 75% deposit refund despite our lawyer chasing the developer's lawyer. Is this long wait a normal practice? How do we go about speeding up the process?
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7 Answers

Hi,

I guess the only person or contact to be able to provide you with an answer to your question would be your own law firm itself.

Regards
Aaron
 9730 8455 
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You may wish to follow up with your lawyer on this or approach the developer to find out more details. There should be some protocols in the drawing of funds out from the project account for refund to be there in place that could be delaying the refund process.

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1
Hi Sir/Madam

I'm sorry to hear about the delay you are experiencing in receiving your deposit refund.
As I am not sure which project are you referring to, it is best to follow up with your lawyer on this.

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Senior Marketing Director
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Mobile: (65) 9 6 6 0 8 5 0 8
Email: Silviayang8@gmail.com Read More
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Hi, appreciate your sharing. It take awhile to process it.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More
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Hi,

Reference document: https://sso.agc.gov.sg/SL/HDCLA1965-R2

1) Your case falls under 5(h).
2) The release of money from the project account needs a certificate from the qualified person in charge of the building project, i.e. the person in charge of the building from the developer.
3) The bank will release the money from the project account once the right document is submitted by the developer.
4) From the Housing Developers (Control and Licensing) Act, Chapter 130, section 22. It is obvious that it is only the developer and the bank processing the refund.
5) Since there are no authorities standing in the way, the delay could only caused by these two parties.
6) You may ask your lawyer to ask which party is holding up your case.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answers your main concerns, but if there are more queries, 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 
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https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Robbie Chen Chee Howe
Hi,

You may wish to get your lawyer to write in again and request for a more specific timeline for the funds to be refunded.

May I know which is the new launch you decided to forfeit? Perhaps I can see if there's anywhere I can assist on that?

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile +65 97 48 63 05. I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
+65 97 48 63 05
PropNex Realty Read More
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Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

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If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

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Landon Chew
97 39 60 40
landonchew@email.com Read More
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