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COVID-19 (temporary measures) act extends to buyers who buy from developers

The COVID-19 (Temporary Measures) Act has been extended to cover lease of residential properties, option to purchase (OTP) agreements as well as sale and purchase agreements (S&PA).

Legal 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.

Taking 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 (OTP) agreements as well as sale and purchase agreements (S&PA).

The extension, however, only applies to contracts between buyers and private developers or the Housing & Development Board for new properties, and does not cover agreements made between individuals.

– May 14, 2020

Read Full Article at https://www.propertyguru.com.sg/property-management-news/2020/5/188306/covid-19-temporary-measures-act-extends-to-buyers-who-buy-from-developers

Posted in Singapore Property News and tagged , .