Sorry folks, I just don't have the time for all this, I am putting the blog into draft again.

We just have to sit tight and wait.
The Approvals should be finalised by 27 April
The Completion Date by 27 July
Or hopefully earlier
Or possibly later
Or maybe never

The ball is in the Buyer's court


..... and along comes someone with a different perspective for me to mull over

I am not a lawyer, ust a simple SP, so take what I say with a pinch of salt:-

May I point to Clauses 8.0 & 9.0 about Purchaser delaying and/or failing to Complete in the SPA.  They are crossed out in their entirety.  Now read what is crossed out ....basically all our rights as Vendors to seek redress.

Now look at the Clause 10.0 Qualifying Certificate / RPA Approval 

This is the only remaining Clause which mentions the vendors having any right to rescind, and it's quite laughable really, because it is moot. If the Buyer did not get RPA Approval then there is no sale anyway. (RPA Approval is the Gov giving the Developer permission to build).  The wording in this clause is what should have been placed in ALL the clauses with deadlines. It is pretty standard wording found in Round 1 SPA, too. It goes something like this-

'...Approval not obtained on or before the ...date...either party shall be entitled to rescind the SPA by written notice to the other party ...'

The total absence of 'either party' in other clauses is positively glaring and can only mean it's the Buyer's prerogative to rescind and not the Vendor's. There is no firm date by which he has to complete. 

So, I still disagree with you, if the Buyer does not rescind then he is legally bound to complete the sale... but at no specific date in the future.  

5 years to build? Not a problem; the average condo goes up in 2+ years. 

2 years to sell all the units? Not a problem : two loopholes in the Law exist.

So why am I angry at the SPA at this late stage?
I am angry at myself  for being lazy and not going through it with a fine tooth comb when I should have. I only gave it a quick glance before the SP meeting and missed the lot! At the very least, I should have requested for a clean copy and not that garbage sent out to us all. But that's history now. Who cares. All this SPA is good for is to serve as a template for other estates on what NOT to do. 

Speaking in GENERAL TERMS - it isn't all about getting the deal done no matter what it takes, it should be about getting the best deal possible whilst protecting your flanks as well. If a Buyer tries to strong arm you with unfavourable / detrimental / weakening conditions then have the courage to walk away. Remember,  when push comes to shove, the unpaid professionals are not there to protect your interests at negotiation, they are there to protect their commission. If Round 1 didn't teach you that basic fact, then nothing will.

I'm rambling again

gtg