Alex Tan Ken Seng
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Fresh Forumer
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Application by Developer for state consent to transfer cum charge - 2007/11/12 10:35
Where the individual title has restriction in interest, and where it is a purchase from a Developer, the Developer will apply for the blanket consent to transfer and charge.
However, I note that there is nothing in the Schedule G S&P to cover this. There is no time limit. (There are time limits for defect liability, for delivery of vacant possession etc)/
Thus, when a Purchaser obtains financing, the financier / bank won't release the loan until the consents have been obtained. However, in the case where progressive billings are already due, the Developer will charge the Purchaser interest!
Since the Land Office has no interest in the transaction, the Purchaser loses out where the consent is slow to be obtained. Thus the consumer loses again!
Am I wrong? Is there a lacuna here in the Schedule G S&P?
Yours,
ALEX TAN KEN SENG
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