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Homebuyers get 6 months to review new purchase

Covid-19 Act will now also cover purchase option, S&P agreement or agreement to lease for housing property

Published Wed, May 13, 2020 · 09:50 PM

Singapore

HOMEBUYERS facing buyers' remorse will have six months to mull over whether they should go ahead with their purchase as they are now also given cover under the temporary relief measures from legal action as a result of Covid-19.

On Wednesday, the Ministry of Law (MinLaw) said that the Covid-19 (Temporary Measures) Act which provides temporary relief to those unable to fulfil contractual obligations as a result of Covid-19 will now also cover options to purchase (OTPs), sale and purchase (S&P) agreements or agreements for lease (AFLs) for residential property.

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