Procedure upon obtaining developer’s consent (where applicable)

1. (a) When the purchaser’s solicitor has received the consent from the vendor’s solicitors (for properties that fall outside the jurisdiction of the Housing Developer (Control & Licensing) Act 1966), the completion date for the sale and purchase transaction can be computed.
2. (b) The purchaser’s solicitor shall verify if there is any part of the developer’s consent that needs to be fulfilled by the purchaser.
3. (c) After the confirmation by the purchaser’s solicitor and the vendor’s solicitor that the terms and conditions of the developer’s consent has been complied with by both parties, the purchaser’s solicitor (if applicable) may send the deed of assignment to the developer for endorsement and return. However some developers only execute the deed of assignment, if the deed of receipt and reassignment is also received by them.
4. (d) In the meantime, the purchaser’s solicitor should ensure that the purchaser has applied for his loan financing. The purchaser and the vendor’s solicitor must comply with the purchaser’s financier’s terms and conditions for the loan transaction, on or before the first month of the completion date in order to complete the sale and purchase transaction on time.
5. (e) The purchaser’s solicitor is unable to proceed any further at this stage until he receives the purchaser’s financier’s solicitor’s letter requesting confirmations and undertakings as required by the purchaser’s financier, in order to release the loan sum for the sale transaction.
6. (f) Upon receipt of this letter, the purchaser’s solicitor shall proceed to comply with its request and requirements.
7. (g) The purchaser’s solicitor should then write to the vendor’s solicitor requesting the redemption sum, and undertakings in favour of the purchaser’s financier, if the purchaser’s financier’s solicitor’s has not already done so.
8. (h) If the purchaser’s financier’s solicitor has only directed his letter to the purchaser’s solicitor then it is the obligation of the purchaser’s solicitor to immediately write to the vendor’s solicitor to obtain the redemption statement and undertaking in favour of the purchaser’s financier, or inform the purchaser’s financier’s solicitors to obtain the same directly from the vendor’s solicitor.

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