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I purchased a condo unit recently, the condo is still under construction, and I'm buying sub-sale from the other owner, so my purchase price is differ than developer selling price. The S&P Agreement is already signed by vendor and myself with stamp ready. I'm having difficulty is obtaining a mortgage loan since the property is under construction and I'm not buying from developer.
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1 Answer

David Wong Lai Kwong
Replied
Wee Heng,

Usually when a buyer buys a property from a resale market while the project is under construction, the Seller needs to obtain consent from the developer. It is best that the developer cancel the original S&PA with the original buyer and sign a new S&PA Agreement with you. You need to pay the original the difference in price, if any. Your solicitor should be able to advise on this. Read More
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