Sale and Purchase (SPA) Deadline - 3+1 Completion Date

Are you buying? Or selling properties? Are you afraid that the transaction cannot meet the general deadline of 3+1 months? Are you worried that the lawyer is not updating you on the progress of the transaction?

So you might ask what is 3+1?

It is actually the time frame (3 months + 1 month) for a buyer to complete his/her purchase in a SPA transaction for a regular freehold property.

You have 3 months to complete all the Vendor's redemption (if any) and also to pay the balance purchase price (subject to any extension of time for delay caused by the Vendor).

If cannot complete, extension of 1 month is usually given in SPA contracts for you to complete the transaction in case there are delays in your part of the deal.

However, do note that the latter will usually attract a 8%/10% p.a. interest as late payment interest, depending on what is stipulated in your SPA contract.

At Lee, William Chee & Associates (LWC), you can put your trust and reliance on us to complete the deal sooner than expected. Our conveyancing partner, Ms Lee, is having vast experience in SPA transactions from A to Z. No matter as seller or as purchaser, you will be protected especially transacting high value properties where a trusted lawyer is of great importance.