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> Cancel purchase.Paid 10k booking fee.Can refund?, Failed to get 90% LTV for 3rd prop (Investment)

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SaProp
post Oct 23 2013, 01:57 PM

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QUOTE(zib5 @ Jul 5 2012, 10:08 AM)
Bro,I haven't sign any SNP agreement yet. Why can't they refund my 10k booking fee?it is not 1k like other projects.

If I can't get it back this is like daylight robbery.

Easy to say I am messing things up as this 10k is my money not yours. What if it is your money bro?
Chill
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LTV 70% since end 2010, you take the risk when do booking right? it not your money and my money, is when you do the booking you know already right? if you are the agent/devoloper, what your opinion!!!, you may take away a good unit which other purchaser may interest in, opportunity cost for developer. normally admin charge is fair game. Lesson learn.
SaProp
post Oct 23 2013, 01:58 PM

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QUOTE(zib5 @ Jul 5 2012, 10:08 AM)
Bro,I haven't sign any SNP agreement yet. Why can't they refund my 10k booking fee?it is not 1k like other projects.

If I can't get it back this is like daylight robbery.

Easy to say I am messing things up as this 10k is my money not yours. What if it is your money bro?
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owl2017
post Jul 6 2017, 08:23 AM

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Bookings fees paid to Developer before Signing S&P is 100% refundable because it is against HDA act (The house you bought must be under schedule H and under construction). Developer may have alot of excuses to forfeit/deduct your partial deposit for whatever reason eg: admin fees, processing fees etc. If there is any developer using this reason to take your booking fees, you can lodge a complaint through KPKT. Go to their website http://www.kpkt.gov.my, you can complain online or you can call to their officer from directory contact list to ask for the officer who incharge and complain. The officer will help you send a letter to the developer and the full amount is fully refundable.

BEANCOUNTER
post Jul 6 2017, 09:00 AM

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QUOTE(owl2017 @ Jul 6 2017, 08:23 AM)
Bookings fees paid to Developer before Signing S&P is 100% refundable because it is against HDA act (The house you bought must be under schedule H and under construction). Developer may have alot of excuses to forfeit/deduct your partial deposit for whatever reason eg: admin fees, processing fees etc. If there is any developer using this reason to take your booking fees, you can lodge a complaint through KPKT. Go to their website http://www.kpkt.gov.my, you can complain online or you can call to their officer from directory contact list to ask for the officer who incharge and complain. The officer will help you send a letter to the developer and the full amount is fully refundable.
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Schesule H & I.

An admin fee of reasonable amount usually not more thsn rm500 is allowed.

This post has been edited by BEANCOUNTER: Jul 6 2017, 09:02 AM
tnang
post Jul 6 2017, 10:51 AM

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Main Main shj, Rm700k purchase, waste developer, bank, SA time.

lesson learn, pay only you know can you proceed!!! not after that.
owl2017
post Aug 11 2017, 10:19 AM

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QUOTE(BEANCOUNTER @ Jul 6 2017, 09:00 AM)
Schesule H & I.

An admin fee of reasonable amount usually not more thsn rm500 is allowed.
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Nop, no admin fees is allowed to deduct. Is against the law, will kena fined not more then RM50,000.00 or Jail or both. So the developer faster refund me back RM500. Case closed.

This post has been edited by owl2017: Aug 11 2017, 10:19 AM
astraeus
post Aug 11 2017, 11:12 AM

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Can I ask for your take in this case?

Let's say I am interested in a property and paid the SA booking fee of RM 10,000.

But after that the bank say I can get loan, but only if I can have someone else for joint loan since salary not enough. Unfortunately unable to get someone to joint loan with me for whatever reason. So decide not to proceed with the purchase.

So in this case, is it still possible for me to get refund of booking fee RM 10k? Or no choice but to forfeit?
Quang1819
post Aug 11 2017, 11:14 AM

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This post has been edited by Quang1819: Aug 11 2017, 11:14 AM
AttilaTheHun
post Aug 11 2017, 11:36 AM

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QUOTE(astraeus @ Aug 11 2017, 11:12 AM)
Can I ask for your take in this case?

Let's say I am interested in a property and paid the SA booking fee of RM 10,000.

But after that the bank say I can get loan, but only if I can have someone else for joint loan since salary not enough. Unfortunately unable to get someone to joint loan with me for whatever reason. So decide not to proceed with the purchase.

So in this case, is it still possible for me to get refund of booking fee RM 10k? Or no choice but to forfeit?
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Yes, you will get your deposit back. It is not specified whether it needs to be one person or two. It is entirely up to the purchaser. If your sales form only has one name, you can apply based on one person in the loan. If the loan reject, then deposit will be paid back in full.

If you are getting a second person to join your purchase, but the name is not in S&P. It is considered a third party loan. Which not many banks will do. IF a second name is on S&P, it is still entirely up to the purchaser to go for joint loan, or a single loan. The SA cannot demand neither can the bank.

And what owl2017 said is true. You cannot obtain any booking/reservation/deposit fee under the HDA. It is illegal. Hence, any payment made cannot be penalized even if you sign a black and white letter. The term under Schedule H & I is only applicable after signing the S&P.

But TS also got conned by the banker. Once a loan has been approved and the Letter of Offer is issued, the loan will always stand at 90%. No matter if you apply another 99 loans. There is no such thing as if the bank finds out you apply a second loan, they will reduce it to 70%. Only when you SIGN on the offer letter, and proceed with the loan, any other loans for a third property will automatically be 70% as they can check on CCRIS which loan has been signed.

Even if you try to outsmart the banks, when it is released, they will do a final check. IF it is found you are negligent and have signed more than 90% for your 3rd property, they not only can reduce the loan % but also haul your ass up into court for false information. There is a letter that you sign before the loan is disbursed stating this.
BEANCOUNTER
post Aug 11 2017, 12:09 PM

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QUOTE(owl2017 @ Aug 11 2017, 10:19 AM)
Nop, no admin fees is allowed to deduct.  Is against the law, will kena fined not more then RM50,000.00 or Jail or both.  So the developer faster refund me back RM500. Case closed.
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Pls read the entire law or ask yr lawyer to inteprete for you.
owl2017
post Aug 30 2017, 03:27 PM

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QUOTE(astraeus @ Aug 11 2017, 11:12 AM)
Can I ask for your take in this case?

Let's say I am interested in a property and paid the SA booking fee of RM 10,000.

But after that the bank say I can get loan, but only if I can have someone else for joint loan since salary not enough. Unfortunately unable to get someone to joint loan with me for whatever reason. So decide not to proceed with the purchase.

So in this case, is it still possible for me to get refund of booking fee RM 10k? Or no choice but to forfeit?
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If you have not sign S&P, you can request for full refund regardless reason. The keyword is booking fees before S&P, if you have sign S&P, think got to forfeit some amount base on the S&P, I guess 1% ...Anything before S&P, still can get help from KPKT but must be housing under HDA not commercial title..
owl2017
post Aug 30 2017, 03:36 PM

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QUOTE(BEANCOUNTER @ Aug 11 2017, 12:09 PM)
Pls read the entire law or ask yr lawyer to inteprete for you.
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You should say ask the lawyer to interprete to the developer.... in my case, i don't need lawyer to involve also....the developer should not fool the consumer especially already written in law.... biggrin.gif
nookie188
post Aug 30 2017, 03:48 PM

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QUOTE(owl2017 @ Aug 30 2017, 03:27 PM)
If you have not sign S&P, you can request for full refund regardless reason.  The keyword is booking fees before S&P, if you have sign S&P, think got to forfeit some amount base on the S&P, I guess 1% ...Anything before S&P, still can get help from KPKT but must be housing under HDA not commercial title..
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yes, I concur with you 100% and that was what I understood as well..not permitted for any deduction as long as spa is not signed..

if signed, its 1% of purchase price (because I went through a similar case, that was how I found out..smile.gif
Chloe56789 P
post Apr 23 2019, 07:21 AM

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QUOTE(owl2017 @ Aug 30 2017, 03:27 PM)
If you have not sign S&P, you can request for full refund regardless reason.  The keyword is booking fees before S&P, if you have sign S&P, think got to forfeit some amount base on the S&P, I guess 1% ...Anything before S&P, still can get help from KPKT but must be housing under HDA not commercial title..
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How About the commercial Under HDA?
BeastB
post Apr 23 2019, 08:15 AM

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I don't understand the logic here.....you DID know that 3rd property onwards is only 70% LTV right?

Then why proceed and pay booking fees when you are trying to apply for a 90% loan? Why do you waste the agents time and the bankers time? What if another legit buyer wanted to buy the property but agent sold it to you and that buyer gave up because of your ignorance/don't care attitude?

BTW didn't the agent also advise you that if it is 3rd prop you need to put down 30% downpayment? Or did you conveniently hide this from the agent?

I don't mean to be difficult but I just can't imagine this level of ignorance, it seems like you wanted to "try your luck" and ended up wasting a lot of ppls time with this.
gld998
post Apr 23 2019, 10:15 AM

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Ah.. Can sleep well tonite as somebody 10k kena makan
New Klang
post Apr 23 2019, 10:19 AM

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Last time I cancel booking, I sent a written letter citing reasons of relocation to work overseas. The refund cheque was issued to me after few months. I asked what will happen to the unit which the saleslady said that the company decided to keep it for renting out.
dave1987
post Apr 23 2019, 10:22 AM

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10k booking.. What hot cake is that
chongmelvin2238
post Apr 23 2019, 03:10 PM

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Action placing booking knowing that you can't get 90% is asking for trouble. Confirm 3rd property is 70%..

Full refund is not entire wrong. Unless you signed an agreement for an admin charges if cancel booking, then it;'s different part.
Many SA during sales, they promised many things or maybe didn't reveal certain things.
Example: During SPA signing, developer add in a letter. Asking buyer to give them consent for any design changes (if any). Pre-sign empty form for them to proceed with changes if deemed necessary. Under this circumstances, I should cancel booking and ask for full refund.

it's hard to prefix what scenerio is ok for full refund or what scenario is not. So, i think it's fair to expect for full refund unless you agreed for any penalty due to cancellation


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