Questions & Answers
The risk of buying a property almost ready for handover without signing SPA
I want to buy an off-plan property but I do NOT want to sign their SPA. The property is almost ready and due for handover in 2-3 months.
The developer is implying that if I pay the full price 100% with no payment plan, it may be possible to bypass signing the SPA, as the property would be paid for 100%.
I don't want to sign the SPA because of a clause inside it which I disagree with on a religious level.
Thank you.
Dear Sir/Madam
It is very important that you sign the SPA as that is the legally binding agreement between you and the property developer.
The SPA has several important texts that confer legal rights to property investors.
Examples are the right to seek compensation for late completion, the property map and layout showing the measurements of your unit or house, the quality and types of finishes as described in marketing material, other amenities that will come with the project, service changes and how they are made up, termination rights... etc.
There are all areas where you will be able to take action against the developer if they fall short.
The SPA is also required to issue and register a temporary or permanent title with your name in the Lands Register indicating legal ownership. You will therefore literally throw a lot of legal rights away by not signing.
I urge you to try to overlook the religious aspects, as once you have your keys it will just be another signed document among many.
Many thanks,
Jennifer Arkhurst.
