Cash purchase

Cheras Wong — Mon, 19 Sep 2011 19:40:05 +0800

Dear dariofoo

Much appreciate your advice on my scenario:

I have recently bought a condo which was just launched. I signed the S&P in May 2011 and expect to complete in 2014.
The S&P is based on the usual Schedule H format. The land is still under master title and is charged to Bangkok Bank by the developer. I have paid 10% upon signing the S&P and intended to use my own cash (without any loan) to pay balance 90% purchase price thru progress payments.

I have read recently in the paper that a lady, who is also a cash buyer, is unable to sell her shops as she did not obtain the letter of release from the developer's finanacier when she fully settled the purchase price.

In order to protect my interest as a cash buyer, what actions should I take?
What is a letter of release?
Normally a purchaser's financier will request a letter of undertaking from the developer to refund in the event the MOT cannot be resistered in favour of the purchaser. Can I, as a cash buyer, request a similar letter of undertaking? If the developer refuses to give such a letter of undertaking, what should I do to make sure the title (strata) will be registered in my favour if I have settled in full all the progress payment as provided in the S&P?

Thanks in advance.

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Cash purchase