Asked by Anonymous
I entered into SPA with a property developer in Sept 2021 with loan facilities obtained from bankers. The developer is deferring the process to obtain consent from the state government to transfer the land/property and a number of progress claims were issued to me on Jan 22, Feb 22, and Apr 22. The invoices were past due and the bank is not releasing the loan as they couldn't apply the consent to charge on the land/property.
I would like to check, in such circumstances will the developer be able to charge the purchaser for late interest payment for the invoice overdue?
I would like to check, in such circumstances will the developer be able to charge the purchaser for late interest payment for the invoice overdue?
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