When the developer is ready to hand over the unit, the developer will issue a Notice of Vacant Possession to the purchaser.The developer is required to deliver vacant possession of the unit to the purchaser no later than:
- The date as specified in the Sale & Purchase Agreement;
- 21 days from the date of receipt from the purchaser the payment of 25% of the purchase price. This payment is due when Temporary Occupation Permit has been issued, and the roads, drainage and sewerage works serving the housing project have been completed (item 3 of the payment schedule).
The developer is liable to pay liquidated damages to the buyer, if he/she is unable to deliver vacant possession by the above dates.
Buyer ought to note that the expected vacant possession date in the Sale & Purchase Agreement is an estimated date and actual delivery of vacant possession may happen before or after the vacant possession date.