Seller Delay Completion - Need Advice

[edyw 0]

I bought a private property with completion date Nov 30 in OTP, however the Sellers delay the completion due to their CPF refund problem, which require them to return big lump sum of cash to their CPF account. There is no date given by them until Dec 14, their lawyer only indicated they are in progress of getting the fund.

My lawyer told me we can charge the Sellers interest of 10% p.a.

1. I have already terminated my rent and I requested an extension for 1 month but my landlord wanted to a double rental price. Is that a normal practice to charge the seller for my rental extension?

2. It seems like the Sellers have difficulty to resolve their issue, how long should I wait before taking actions? What are the recommended actions? My lawyer told me to simply play waiting game, I don't feel comfortable with that.

3. In the event if the Sellers decide to cancel the transaction, what are my rights on top of the refund of my 5% payment? Can I claim my loss ie. lawyer fee, stamping fee, rental extension, etc.. on top of interest charge?

4. Usually, does the package I pay for my lawyer, inclusive of sueing the Seller for my loss? Or it's merely for paper work of closing the transaction?

Edited December 14, 2007 by edyw

[waileong 0]

You should talk to your lawyer.

[fanren 0]

I bought a private property with completion date Nov 30 in OTP, however the Sellers delay the completion due to their CPF refund problem, which require them to return big lump sum of cash to their CPF account. There is no date given by them until Dec 14, their lawyer only indicated they are in progress of getting the fund.

My lawyer told me we can charge the Sellers interest of 10% p.a.

1. I have already terminated my rent and I requested an extension for 1 month but my landlord wanted to a double rental price. Is that a normal practice to charge the seller for my rental extension?

2. It seems like the Sellers have difficulty to resolve their issue, how long should I wait before taking actions? What are the recommended actions? My lawyer told me to simply play waiting game, I don't feel comfortable with that.

3. In the event if the Sellers decide to cancel the transaction, what are my rights on top of the refund of my 5% payment? Can I claim my loss ie. lawyer fee, stamping fee, rental extension, etc.. on top of interest charge?

4. Usually, does the package I pay for my lawyer, inclusive of sueing the Seller for my loss? Or it's merely for paper work of closing the transaction?

why do they need to top up CPF? they sell their property to you at below their buy price is it?