SPA Deadline - 3+1 Completion Date

Buying? Or selling of 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 (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 and also to pay the balance purchase price and extension of 1 month to complete in case there are delays in the process.

However, do bear in mind the latter will usually attract a 8% 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 as our conveyancing partner, Ms Lee, is having vast experience in SPA transactions from A to Z. Be it as seller or as purchaser, you will be protected especially transacting high value properties where a trusted lawyer is of great importance.