{"id":116345,"date":"2020-05-14T12:00:38","date_gmt":"2020-05-14T05:00:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-temporary-measures-act-extends-to-buyers-who-buy-from-developers\/"},"modified":"2020-05-14T12:07:17","modified_gmt":"2020-05-14T05:07:17","slug":"covid-19-temporary-measures-act-extends-to-buyers-who-buy-from-developers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-temporary-measures-act-extends-to-buyers-who-buy-from-developers\/","title":{"rendered":"COVID-19 (temporary measures) act extends to buyers who buy from developers"},"content":{"rendered":"


\nThe COVID-19 (Temporary Measures) Act has been extended to cover lease of residential properties,\u00a0option to purchase\u00a0(OTP)\u00a0agreements as well as sale and purchase agreements (S&PA).
\nLegal reliefs are now available to property buyers with agreements to purchase or lease homes from developers in case they experience difficulties in paying their obligations due to the COVID-19 pandemic, reported Channel News Asia.
\nThe initiative is an extension of the COVID-19 (Temporary Measures) Bill passed last in April, which accorded temporary relief from certain legal action for event agreements, construction or supply contracts, non-residential leases and tourism-related contracts like tour packages and secured loan facilities for six months.
\nTaking effect on Wednesday (13 May), the Singapore Ministry of Law (MinLaw) announced that the protection will now be applicable to buyers that entered into agreements for lease of residential properties, option to purchase\u00a0(OTP) agreements as well as sale and purchase agreements (S&PA).
\nThe extension, however, only applies to contracts between buyers and private developers or the Housing & Development Board and does not cover agreements made between individuals.
\n\u201cLike other contracts covered by the Act, these contracts must have been entered into before 25 March 2020, with contractual performance due on or after 1 February 2020,\u201d explained the ministry.
\nThe extension came after the ministry received feedback that buyers are facing difficulties in making payments due to the pandemic and stood to lose their booking fees or deposits.
\nAccording to MinLaw, in applying for the relief, buyers must first seek an extension from the developer. In case of disagreement or when negotiations are not possible, the buyer may then serve a Notification for Relief (NFR) on the developer pursuant to the Act.
\nIn this way, the concerns regarding the forfeiture of booking fees in case of OTP agreement as well as the termination of the agreement due to non-payment in case of a sales and purchase agreement or agreement for lease, will be addressed.
\n\u201cThe conditions and framework for how disputes are to be resolved under the Act will apply. We encourage parties to discuss and reach a mutual agreement,\u201d MinLaw said.
\nAside from such protections, additional actions relating to the \u201cunilateral increase of charges\u201d are likewise prohibited.
\n\u201cSince the Act commenced, MinLaw has received queries and feedback that some parties are seeking to impose additional interest and charges for late payment that are not provided for in their contracts, even though an NFR has been served,\u201d added the ministry.
\nHence, temporary relief from making payments is also accorded to parties concerned, prohibiting landlords \u201cto unilaterally increase interest rates or impose new charges on delayed payment\u201d for purposes of preventing or discouraging parties from seeking the relief granted under the Act.
\nAs for the property market, analysts welcomed the changes as \u201chighly helpful\u201d.
\n\u201cBy offering relief to property buyers who have difficulty in exercising their option to purchase or fulfilling obligations of their sales and purchase agreement, this is actually beneficial to developers \u2013 because they will not end up in conundrums with such buyers who faced difficulties in financing their property going forward,\u201d said property analyst Ong Kah Seng.
\nMeanwhile, the Real Estate Developers\u2019 Association of Singapore (REDAS), for its part, opined that the relief measures will help genuine buyers during these challenging times.
\n\u201cThe enhanced COVID-19 (Temporary Measures) Act will help to provide relief to affected genuine buyers from financial commitments and protection as well as time to reach an amicable settlement with developers in good faith,\u201d it explained.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…COVID-19 (temporary measures) act extends to buyers who buy from developers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The COVID-19 (Temporary Measures) Act has been extended to cover lease of residential properties,\u00a0option to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-116345","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ugx","jetpack-related-posts":[{"id":120569,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-circular-allows-developers-to-extend-delivery-date-of-possession\/","url_meta":{"origin":116345,"position":0},"title":"New circular allows developers to extend delivery date of possession","date":"July 2, 2021","format":false,"excerpt":"\r New circular allows developers to extend delivery date of possessionUnder a circular issued by the Urban Redevelopment Authority\u2019s (URA) Controller of Housing (COH), developers who are unable to meet their delivery date of possession can serve property buyers a notice for an extension of up to 122 days, effective\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/construction-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":116153,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-unveils-temporary-relief-measures-for-property-developers-individuals\/","url_meta":{"origin":116345,"position":1},"title":"Government unveils temporary relief measures for property developers, individuals","date":"May 8, 2020","format":false,"excerpt":"\r Singaporean married couples will now have a year instead of six months to sell their first property in order to get the ABSD remission for their second property.\u00a0 The Singapore government has rolled out temporary relief measures for individuals and property developers affected by disruptions to sales of housing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122232,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lawsuits-brewing-for-contractors-as-covid-19-legal-relief-ends\/","url_meta":{"origin":116345,"position":2},"title":"Lawsuits brewing for contractors as COVID-19 legal relief ends","date":"September 27, 2021","format":false,"excerpt":"\r On 30 September 2021, the relief period under the Covid-19 (Temporary Measures) Act will end, which may lead to many SMEs facing financial distress and affecting the sector at large. Contractors in Singapore may face contractual disputes next month as the temporary relief provided under the Covid-19 (Temporary Measures)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/construction-building.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":106899,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/can-you-get-deferred-payment-scheme-for-your-new-home\/","url_meta":{"origin":116345,"position":3},"title":"Can You Get Deferred Payment Scheme For Your New Home?","date":"May 7, 2019","format":false,"excerpt":"\r With property cooling measures such as the Additional Buyer\u2019s Stamp Duty (ABSD), developers have implemented several different methods to improve sales. One method is the Deferred Payment Scheme (DPS). The Ministry of National Development has called on property buyers to \u201cexercise due diligence and prudence\u201d before committing to acquire\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122508,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-of-waterway-sunrise-ii-to-be-compensated-due-to-delay-of-more-than-a-year\/","url_meta":{"origin":116345,"position":4},"title":"Buyers of Waterway Sunrise II to be compensated due to delay of more than a year","date":"October 11, 2021","format":false,"excerpt":"\r Current revised probably completion dates for Waterway Sunrise II in Punggol range from Q4 2022 to Q1 2023, bringing the total waiting time to approximately 5.5 years. Source: HDB Buyers of flats at Waterway Sunrise II, a Build-to-Order (BTO) project in Punggol, will be compensated after its completion has\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/waterway-sunrise-ii.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":116593,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/show-galleries-to-remain-closed-even-after-1-june\/","url_meta":{"origin":116345,"position":5},"title":"Show galleries to remain closed even after 1 June","date":"May 22, 2020","format":false,"excerpt":"\r Show galleries that were set up by property developers to market and sell properties \u201cshall remain closed until further notice.\u00a0 Property developers in Singapore may have to wait a little longer before they can reopen their show galleries to market their properties. This comes after the Urban Redevelopment Authority\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/116345"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=116345"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/116345\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=116345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=116345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=116345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}