In the context of buying a resale HDB flat in Singapore, here's how "delayed completion," "delayed submission," and "extension" can differ:
**Delayed Completion:**
* This refers to a situation where the handover of the resale flat to you, the buyer, is postponed beyond the original completion date stated in the Sale and Purchase Agreement (SPA).
* Reasons for delayed completion can vary:
* Seller's delay in finding their new place
* Unforeseen issues with the flat requiring repairs or clearances
* Loan application delays (either yours or the seller's)
* If the delay is due to the seller's fault, you might be entitled to compensation as stipulated in the SPA.
**Delayed Submission:**
* This typically refers to a delay in submitting the resale application to the Housing & Development Board (HDB) by your agent or lawyer.
* There can be a few reasons for this:
* Incomplete documents from either buyer or seller
* Issues with flat eligibility or seller's outstanding loan
* A delayed submission can potentially push back the completion date, so it's important to ensure all documents are submitted promptly.
**Extension:**
* An extension can refer to two scenarios:
1. **Option To Purchase (OTP) Extension:** If both buyer and seller agree, they can request an extension to the Option To Purchase (OTP) validity period. This gives them more time to settle outstanding matters before exercising the OTP.
2. **Completion Date Extension:** In some cases, both parties might mutually agree to extend the completion date beyond what's stated in the SPA. This usually requires a written agreement outlining the new completion date and any potential adjustments.
**Here are some resources that might be helpful:**
* HDB Resale Transactions: [https://www.hdb.gov.sg/residential/buying-a-flat/buying-procedure-for-resale-flats/overview](https://www.hdb.gov.sg/residential/buying-a-flat/buying-procedure-for-resale-flats/overview)
* Singapore Law Society - Conveyancing Guide: [https://singaporelegaladvice.com/law-articles/the-conveyancing-process-in-singapore/](https://singaporelegaladvice.com/law-articles/the-conveyancing-process-in-singapore/)
Remember, clear communication with your agent, lawyer, and the seller is crucial throughout the resale process. If you encounter any delays or require extensions, ensure everything is documented properly to protect your interests.
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