You’re supposed to move in next month, but then Covid-19 struck. Or maybe your condo’s main contractor has gone bust, setting back the timeline while the developer scrambles to find a new one. In extreme cases, like with Sycamore Tree and Laurel Tree, your condo TOP delay can even end up being permanent (but that’s very unlikely).
In this article, we look at some steps you can take if you condo TOP date is delayed:
Step 1: Update yourself on the terms and conditions regarding Liquidated Damages
The Delivery of Vacant Possession (when you get your keys) is stated in your Sale & Purchase Agreement (S&PA). Note that it’s this particular date, and not the estimated condo TOP date, that’s important.
If you go past this date without getting your keys, and it’s solely due to the fault of the developer, then you’re often entitled to Liquidated Damages (LD). This