Malaysia Real Estate

klvin · Joined: 20 Feb 2006 Posts: 6

Hi, this is the 1st time i bought a shop. It's a 3 storey shop office selling at RM600K. I bought it on Dec 2005. until now , i have paid 10% of the total amount and haven't sign S&P as well as Loan from Bank yet as i am still waiting the other partner to decide on the joint venture. All i got now is only a piece of a small receipt from the developer. I have check the site, the construction haven start at all as the completion date is 2008

After paying the 10% amount, i feel fregret on it as i heard many bad new for this developer. i heard that the devoloper is not financially strong, and have some bad records and bad name amonght the developer in my state. The worse thing is that they ever had 1 project stop halfway and leave for years until now due to unknown reason. I have tried to search on net on the developer but found nothing.

I have lost my confident on this developer and feel so helpless as i really don know what should i do now. I have some questions here, hope some1 can give me an idea :

1. Heard that i should sign S&P within certain period after puchase of property. Can i know the time given ?
2. Is there any posibility / way that i could cancel my purchase and get back my 10% downpayment ?

Thank you

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Whats the % you need to pay upon execution of the S&P? 10% or 20%?

If its 10%, well....why didnt you sign the S&P when you paid it?

Whatever it is, legally speaking...you should be able to get a refund.

Cheers!

klvin · Joined: 20 Feb 2006 Posts: 6

i think it's the 10% that i have paid. I have hold to sign the S&P is because i still waiting another relative to confirm on the partnership.

so what could i do now in order to refund back my money ? Is it an advantage to me that i haven't sign up the S&P for my situation ? Do i need to hurry up to sign up S&P ?? TQ

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Yes..it is to your advantage that you havent signed the S&P. You should be able to get a refund of the 10% easily...unless the developer wants to make your life miserable but dont let them get away with it.

Cheers!

preacher · Joined: 20 Oct 2005 Posts: 469

Noor, we are so lucky to have you giving us free legal advice. What would we do without you.
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practise what you preach

winnie the pooh · Joined: 24 Jan 2006 Posts: 1999

what would we do? pluck up the courage and walk over to that old classmate who you have not spoken to since the day you dropped that water balloon in his schoolpants ages ago during the next old boys meet for some free advise (it usually flows after a couple of drinks). otherwise, just empty your pockets at tom dick harry & associates.

klvin · Joined: 20 Feb 2006 Posts: 6

thank you for ur info Noor.

So do you mean that i could just simply go to the developer and tell them i wanna cancel the shops and intended to get back my 10% ? What could i do if they refuse to do so ? Embarassed

sorry if i asked a stupird question

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi klvin!

Yeap...just go to the developer's office, put up a smile and say as politely as you can....`I have paid this 10% (show them the receipt) but have not signed any S&P yet....and I have changed my mind. Please can I have my refund?

If they refuse, you let me know..I'll tell you what to do next.. Wink

Cheers!

PS. Thanks Preacher! Smile

klvin · Joined: 20 Feb 2006 Posts: 6

i have call the sales and told him that i would like to cance; my purchasr as i got problem in getting enough money to buy the shop. Although they claim that the shops are all sold out (except bumi lot), but he said it's unlikely that i could do that. However , he said he will try to watch out if there is some customers asking for the shop, then he will contact me.

I feel that this will no end i am sitting here to wait for his call...

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

I've PM you.

klvin · Joined: 20 Feb 2006 Posts: 6

thanks noor for ur advice !!

i have something which i forgotten to inforu regarding the S&P. Actually the developer ever urge me to sign the S&P but it's my side to delay coz i m still waiting for another partner to decide. So in this situation, do u think i m wrong, and they may fight me wit this point ??

TQ so much

Noor713 · Joined: 15 May 2005 Posts: 507 Location: Sri Hartamas

Hi klvin!

Yes..they asked you to sign the S&P but you were not ready with the other co-owner. YET, if they abide by the law, they should have advised you to sort it out at your end first before paying the 10%.

Cheers!

djenrelle · Joined: 06 Feb 2006 Posts: 106

assalamualaikum noor,

just wondering if i cn get back my booking fee of a shoplot (rm1k ++). i purposely changed my mind as i've another better option. the developer told me that it's not refundable unless can't get loan approval.

thanks in advanced.

klvin · Joined: 20 Feb 2006 Posts: 6

hi Noor,

this is the 4rd days in 7 working days i've set for the developer to pay me back my money, but i haven receive any call ffrom them yet. If they really never turns up after 7 days that i set, what should i do.. ?

TQ

winnie the pooh · Joined: 24 Jan 2006 Posts: 1999

sue the pants of them and in the process use up all the deposit you paid (or more) paying your lawyers... Laughing

alternatively file your claim at the consumer tribunal, get a paper order then realise the idiot developer still refuse to comply with the order... Wink

jumpman1010 · Joined: 24 Mar 2008 Posts: 1

i got a huge problem, the stupid developer keeps delaying my process of cancelling which i decided after 2weeks due to job relocation...dey ignore my request and no reply from the letter i gave til the 3 months duration of the 2nd 10% kickoff.. once the time come, dey issue the termination letter and my 10% downpayment was forfeit.. RM24k man...
anyone can help me ere???

yewkhuay · Joined: 11 Nov 2006 Posts: 74

my fren wanto ask, if paid d/p, signed S&P but havent sign loan , how likely is the chance of cancellation of purchase n get back money ?
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