This will serve as a wake up call on the duties as a conveyancing law firm to or even to remind the client to exercise his/ her option to purchase on time.
June 20, 2009
A day late and $750,000 short for law firm
Clients win suit against firm for being late in filing purchase option for condo unit
By Desmond NgWHAT a difference a day makes.
For one couple, the mere delay of a day in buying their dream home cost them more than $700,000.
And the law firm, Toh, Tan & Partners, which had acted for them in the purchase, was made to pay them $750,000 in compensation.
The couple, Mr Chee Peng Kwan and Ms Jackelyn Sim, had instructed the firm to exercise their option to buy a property.
But the firm was one day late in doing so, resulting in the couple losing out on the chance to buy a unit at The Seafront on Meyer, a freehold condominium development along Meyer Road, in April 2007 at an offer price of $2.9 million.
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