roonak
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I had a problem with "rental" contracts since HDB doesn't allow rentals until after 3 year's occupation on resale flats. my agent recommended this but seller wanted a free rent period so it wasn't a consideration for me. Couldn't have done it without a lawyer.
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Glad to hear things are working out for you, natadecoco. Well, we had a hardnosed lawyer on our side who backed us up. The agents (including our agent) insisted it was OK to let the seller stay. Seller started negotiating for an extra two months a week before closing. But lawyer said that because the seller was essentially defaulting (failing to deliver vacant possession on closing date) it was our right to charge a late closing penalty. HDB would have backed us up on this. In the end, we closed about a week after the HDB-scheduled date after the seller moved into his new place. We didn't end up insisting on late closing penalty. I was happy with the outcome. Didn't feel as though seller was taking advantage of us, we didn't have to postpone renovation plans, didn't have to structure an under the table short-term "rental", and didn't have to worry that the seller would postpone moving a second time. After closing we wouldn't have had the HDB backing us up on "vacant possession".
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Sheesh, just went thru that. If you haven't already bought the flat, the option contract stipulates vacant possession. Seller has no right to live in flat after closing. In fact, once you buy you are 100% responsible for anything that happens to the flat. We ended up postponing the closing date with HDB several times until the seller moved. I would not do the closing until they have vacated the flat. What are you going to do. Pay for the flat while someone else is living in it? no way lah.
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It'll be interesting to see if there's a change in attitude when the bill collection agency catches up with the former owner. The postal service in your area seems to be more efficient.
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Good move...our seller used our new (his old) mailbox for two months. Still hasn't put in a forwarding request with the post office.