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Balance payment to developer

 
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mizanor



Joined: 14 Mar 2005
Posts: 1

PostPosted: Mon Mar 14, 2005 10:59 am    Post subject: Balance payment to developer Reply with quote

Hi all,

Recently, I booked an apartment and paid 1000 ringgit for booking fee. The apartment is scheduled to be finished in July 2006. From talking with the sales rep, I got the picture that I have to pay the remaining 9% for the apartment downpayment after I get the S&P. I asked the sales rep if I could withdraw my EPF money to pay for the downpayment, and he said yes.

After about 3 weeks, the S&P is still not ready but the sales rep already wants me pay the remaining 9%. According to him, I only have 21 days from the day I signed the booking form to pay for the downpayment. I was surprised because he never mentioned about the 21 days before. And he said, if I didn't pay the remaining 9% by the end of the 21 days, I would be penalised for late payment.

Now I am really confused if I should just pay off the balance or wait until the S&P is ready and then withdraw from the EPF. The lawyer who's handling the S&P processing said I don't have to pay the balance until I get the S&P. But the developer insists I should pay them and I don't want to be penalised.

Anybody knows what is the best thing to do in this situation? I am a first-time home buyer and right now I'm feeling very stupid about this whole deal. Hopefully somebody can enlighten me about this matter.

Thank you.

N.O Question
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keithcky



Joined: 20 Sep 2004
Posts: 276

PostPosted: Sun Apr 03, 2005 11:48 am    Post subject: Reply with quote

I am working in a property developer. As the HDA (Housing developer act), the developer are not allow to collect any deposit. In the schedule of SPA its clearly stated we have to pay the 10% upon signing SPA, but i do not know what is your developer practising. By right to withdraw EPF you have to get the duly stamped copy of your SPA to proceed.
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