Questions & Answers
Termination of a property SPA due to COVID-19 situation
I have made a 20% down-payment against an off-plan property in 2017. The sale & purchase agreement does not include a "Termination/Refund" clause and the property is due for handover by the end of the month.
The property value has dropped by 40% and I'm able to only get a mortgage for 80% of the current value. However, due to the current situation and the impact of COVID-19 financially, I'm not in a position to proceed with the remaining instalments.
I have to forfeit the contract as the developer has not given me any options for deferral of payment and has declined the request for a delayed handover.
Please advise if and how I can get a refund on the 20% amount that has already been paid upfront.
Hi,
I trust you are well.
In light of the current Covid-19 impact, there are a number of alternate solutions that you may be entitled to.
Once we review the SPA signed between yourself and the developer, we will be able to provide further clarity.
For further information, please contact us at our email.
