📜 Legal & SPA

SPA says vacant possession in 24 months but developer already 6 months behind - what are my actual rights?

Superhomes Team

2 days ago

Signed the SPA for a new launch condo about a year ago and the projected VP date has already slipped once, and it looks like it'll slip again. The sales team keeps saying "delays happen, don't worry" but I want to understand what I can actually do if this drags on.

From what I've read, the SPA usually has a stated delivery timeline and the developer is supposed to pay liquidated ascertained damages (LAD) for delays beyond that date - is that automatic or do I need to formally claim it? Also does the clock for LAD start from the SPA date or from a different milestone?

Separately - once I do get the keys, I understand there's a Defect Liability Period (I've seen 24 months mentioned as typical) where the developer has to fix workmanship issues for free. Does anyone have a good process for documenting defects properly so the developer can't wriggle out of fixing something? Trying to get organized before VP actually happens so I'm not scrambling.

Would really appreciate input from anyone who's been through a delayed handover, or any agents/lawyers who can clarify the LAD claim process.

#spa #developer-delay #lad #defect-liability

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