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Important Points To Know When Signing SPA

 
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lululala



Joined: 20 Jun 2005
Posts: 22

PostPosted: Thu Jun 23, 2005 11:56 am    Post subject: Important Points To Know When Signing SPA Reply with quote

hi,
signing my SPA next week for my under construction condo purchase. i would appreciate it if anyone can enlighten me on several important clauses to look at b4 signing the agreement since i'm kinda new in this. thanks.
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Thu Jun 23, 2005 12:09 pm    Post subject: Reply with quote

read the S&P? Bring along a standard copy of the S&P applicable for your purchase and compare. See below and print as necessary.

.://..hba.org.my/laws/housing_act.htm

If your property is a commercial property, there will be variations from the HDA S&P.
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Thu Jun 23, 2005 12:17 pm    Post subject: Reply with quote

And you can demand that your lawyer explain every single thing to you Razz I've done that before in my earlier purchases. After all, you are paying for their services.

I tend to ask 'development specific' queries e.g. if the salesperson represent certain things to me, i ask the lawyer "where does it say..." type of questions (because i would have read the S&P beforehand). And even for the somewhat 'recent' purchase that was made, there was an attached investment link policy, it is interesting to note that even after you have sold off the unit, the documents that i signed did not indicate whether the investment link will be transferred when the property is sold. therefore, there is an implication that the policy is retained by the first Purchaser.

If the lawyer is unwilling to explain, it's time to go for a new lawyer.
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mercuri



Joined: 03 May 2005
Posts: 4599
Location: KL

PostPosted: Thu Jun 23, 2005 12:21 pm    Post subject: Reply with quote

banzai, lululala has bought Changkat View and it's the same S&P and the lawyers are the same ones, the one that was also signed by u and me! Razz

Assured enough lululala? Laughing
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Thu Jun 23, 2005 12:23 pm    Post subject: Reply with quote

oh ok .. doh. *knock head*
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lululala



Joined: 20 Jun 2005
Posts: 22

PostPosted: Thu Jun 23, 2005 2:30 pm    Post subject: Reply with quote

yeah.... guess it should be alright uh.. btw... SBB is pushing me to sign the letter of offer and subsequently the Loan Agreement... anything that you guys reckon i should watch out for?
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Thu Jun 23, 2005 2:36 pm    Post subject: Reply with quote

uhh.. read it before signing? :p

Anything you don't understand, ask lor. They (and the lawyer) can't get you the loan agreement unless you are satisfied with the LOO anyway. You might want to appoint back the same lawyer that did your S&P if you're satisfied/comfortable with their service.
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mercuri



Joined: 03 May 2005
Posts: 4599
Location: KL

PostPosted: Thu Jun 23, 2005 2:56 pm    Post subject: Reply with quote

if u want to engage their services, make sure u ask them for "rebates". I did, and to tell u they have to still refund me. Anyway just my half sen opinion. Razz
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fairlane11



Joined: 14 Jul 2005
Posts: 14

PostPosted: Tue Aug 09, 2005 10:00 pm    Post subject: Standard S&P? Reply with quote

Hi Banzai,

Must the S&P be a standard format or does the developer have the right to vary it? For example, can the developer insist on a 'within 14 day' payment for installments due when the standard Schedule H forms says it's 21 working days?

Thanks.
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Tue Aug 09, 2005 11:16 pm    Post subject: Reply with quote

For residential developments, AFAIK the developers cannot vary.

For commercial, they can vary all they want but they usually keep 99% (and they will tell you that) of the format the same so that you, the buyer, will think it is the same. What they will vary are (as you mentioned) things like "21" to "14", "10%" to "18%", "36" months to "48" months etc. The difference will be small but it will usually be a big impact. If you cannot be bothered to read documents, don't buy a commercial property.
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fairlane11



Joined: 14 Jul 2005
Posts: 14

PostPosted: Wed Aug 10, 2005 8:54 am    Post subject: Reply with quote

Thanks for the info Banzai. Will bear in mind and look out for the 1% difference if I do buy a commercial property. Smile
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preacher



Joined: 20 Oct 2005
Posts: 470

PostPosted: Tue Oct 25, 2005 10:10 am    Post subject: Reply with quote

The SPA is a very standard document with little room to play with save for the following:

(1) Compensation for variation in size of unit. Meaning you want to buy a 20*70 with built up of 1800 sq feet. Come delivery, the scenario is as follows:

(a) you get 21*70 with same built up of 1800 sq feet
(b) you get 20*70 with built up of 1850 sq feet

There is no standard clause to this but basically, any "penalty" for increase in land area should be based on land area and conversty built up based on built up.

(2) Specifications - check with the sales brouche. If not same, don't sign until developer change SPA.

(3) Floor Plan - check with sales brouche. If not same, don't sign.

Know of some people (leant from their mistakes) that their SPA did not specify height of tiles. Sales brouche said "celling height" but SPA silent.

Came to VP, only wall tiles only 5". He checked with his "friends" who told him that difficult to bring to Housing Tribunal as SPA did not specify and sales brouche always have disclaimers.

Another guy, his floor plan has no measurement. Meaning, the developer can really screw him but he was lucky that his unit was relatively ok.
_________________
practise what you preach
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klcheat



Joined: 23 Jan 2006
Posts: 18

PostPosted: Mon Jan 23, 2006 11:47 pm    Post subject: Reply with quote

it's nice to know there is still some professional lawyer that really explains each clause in the SPA...
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surfbabe



Joined: 17 Jan 2006
Posts: 9

PostPosted: Wed Jan 25, 2006 9:03 am    Post subject: Reply with quote

klcheat wrote:
it's nice to know there is still some professional lawyer that really explains each clause in the SPA...


That all depends whether you are lucky enough to have such a knowledgable AND obliging lawyer. Smile

Just curious - what happens if you engage the services of a property surveyor and discover that the dimensions of your home does not conform to what's stated in the floor plan of your S&P?
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