change of ownership

Vacant Possession Now that both Mr & Mrs Tan and Mr Chan have signed the Sales & Purchase Agreement, they've to wait for the loan to be disbursed. Once the loan has been disbursed then only the purchasers can take vacant possession (VP) of the property. The standard "waiting period" is 3 months. The bank will disburse the balance of the purchase price to the vendor - Mr Chan. In this case,...