Asked by Anonymous
I have a question related to payment issues for a property.
I bought a property back in February 2022 timeline with the SPA signed dated in early February 5.
The loan documents were also signed and dated in end of January with a bank.
Back in February, the project was already about 70-75% completed.
The developer has issued a letter early December about VP BUT they have also disclosed late payment interest charges.
If i fail to pay this fees, they will not issue the keys to me.
I have checked that my down-payment & progressive interests payments were on time.
There was no notice between the developer or lawyer or the bank stating there is late payment interest.
I have found out that the late payment interest was driven due to the loan disbursement from the bank (was only done in April)to the developer was late and therefore these late interest charges were implied.
Questions and help on clarity from your side:
1. What should I do if you were me? (pay the fee or clarity with lawyer what went wrong? (fyi Lawyer told me straight up to pay the fee)
2. Who should be the party to pay this as I the purchaser is completely innocent?
3. Is there an appeal process to forgo these late interest charges?
4. What is the proper process between lawyer-developer-bank for these payments to be made on time?
I bought a property back in February 2022 timeline with the SPA signed dated in early February 5.
The loan documents were also signed and dated in end of January with a bank.
Back in February, the project was already about 70-75% completed.
The developer has issued a letter early December about VP BUT they have also disclosed late payment interest charges.
If i fail to pay this fees, they will not issue the keys to me.
I have checked that my down-payment & progressive interests payments were on time.
There was no notice between the developer or lawyer or the bank stating there is late payment interest.
I have found out that the late payment interest was driven due to the loan disbursement from the bank (was only done in April)to the developer was late and therefore these late interest charges were implied.
Questions and help on clarity from your side:
1. What should I do if you were me? (pay the fee or clarity with lawyer what went wrong? (fyi Lawyer told me straight up to pay the fee)
2. Who should be the party to pay this as I the purchaser is completely innocent?
3. Is there an appeal process to forgo these late interest charges?
4. What is the proper process between lawyer-developer-bank for these payments to be made on time?
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