The standard time for a sale and purchase transaction is three (3) months, subjected to one (1) month extension with interests.
The documents/information required are as follows:-
1. A copy of the original title of the property
2. A copy of the quit rent and assessment receipt of the property
3. A copy of the IC of both buyer and seller
4. Previous Sales and Purchase Agreement and Loan documents (if any)
5. A copy of the tenancy agreement of the existing tenant (if any)
The balance purchase price of the property would be released to the vendor once it is released by the purchaser's financier or purchaser to the solicitor as stakeholder. However, the balance purchase price shall be released to the vendor within the 3 months period from the date of the sale and purchase agreement. Otherwise, the vendor shall have the right to change an interest on the purchaser for the delay caused by him.
The down payment or initial deposits shall be paid to the vendor at the time of the signing of the sale and purchase agreement.
The solicitor would conduct a land search to ascertain whether there is any restriction in interest for the vendor to transfer the property. In the event consent is required, the vendor would be required to apply for consent to transfer or consent to charge to the relevant authorities.
Consent application normally takes around 3 to 6 months to be completed, depending on the speed of the relevant authorities.
The differential sum of the property shall be paid to the solicitor as stakeholder before the solicitor proceed to advice the bank for the release of redemption sum to discharge the property.
The vacant possession of the property shall be passed to the Purchaser once the balance purchase price has been paid to the Vendor.
Yes. More often than not, the Purchaser would be advised to inspect the property before entering into a sale and purchase agreement as the property would be sold in an “as is where is” basis, meaning that the state and condition as of the date of the sale and purchase agreement. Once this has been agreed, the vendor has no obligation to fix any defects or change the state of the property unless it is otherwise agreed by both parties.
The process of a sale and purchase of a property without title involves the developer. A letter of confirmation is required to ascertain the details of the property. The property would then be assigned to the new purchaser by way of a deed of assignment together with a notice of such assignment served to the developer. The entire process takes 3 months to be completed.