Contra Matters

[cookies]

how does the contra works? is there a fixed rule like maximum how many weeks can be contra?

[Curry Chicken]

You mean buy and sell HDB at around the same time :confused:

[cookies]

yes that's right

[HalcyonVI]

You have to have an Option to Purchase for the sale of your property in order to apply for a bridging loan to purchase a new place. Bridging loans normally have to be repaid in 6 months so I suppose that's the sort of timeline you are looking at.

[evel]

any idea if the seller asked for another additional 2 months to move out even after the second appointment. reason is that their new place is not ready. can we say no? are we contractually bond to agree on that?

[Curry Chicken]

I believe that is something the buyer and seller can negotiate on. Normally the seller have to move out on completion date unless the buyer agrees to an extension.

[evel]

that means there is no fixed rules on this. it's all on negiotiation lar. can a rental be imposed since another 2 more months are needed.

[slow learner]

that means there is no fixed rules on this. it's all on negiotiation lar. can a rental be imposed since another 2 more months are needed.

Surely you can, everything is negotiable, note that you do not have to allow them to stay if you really need the place the buyer is to deliver vacant possession to you on completion.

However, if you are nice enough to allow them to stay on for another 2 months there is still a need for you to draft a formal letter to be sign on such agreement. As it may get complicated when there are dispute later on.