In Singapore, a "gentleman's agreement" for extending the condo completion date after the official handover may not be fully enforceable in court. While it shows good faith between you (the buyer) and the seller, it might not hold strong legal weight if there are disputes.
Here's what you should consider:
**Challenges with a Gentleman's Agreement:**
* **Unenforceable:** Since it's not a formal contract, it can be difficult to enforce the terms in court if the seller breaches the agreement.
* **Ambiguity:** "Gentleman's agreements" often lack specific details, which can lead to misinterpretations and disagreements about the terms (e.g., compensation for the extension).
**Protecting Your Interests:**
* **Formalize the Agreement:** Ideally, convert the gentleman's agreement into a written document signed by both parties. This adds weight and clarity to the terms.
* **Include Key Details:** The written agreement should specify the following:
* Extended completion date
* Compensation (if any) for the extension period (e.g., daily or monthly pro-rated amount)
* Termination clause outlining how either party can exit the agreement under specific circumstances
* **Seek Legal Advice:** Consider consulting a lawyer specializing in property law. They can review the situation, advise on strengthening the agreement's legal standing, and ensure it protects your interests.
**Alternative Solutions:**
* **Negotiate a New Completion Date:** If a formal extension isn't feasible, explore the possibility of agreeing on a new, realistic completion date with the seller.
By taking these steps, you can improve your chances of a smooth handover process even with the delay. Remember, clear communication and documented agreements are crucial in property transactions.
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