Hi Guys,
Newbie here and has just signed up for unit 1A. Have been a quiet reader on informative thread and lucky enough to get loan rejected unit. Thanks and keep up on the updates.

Welcome bro, how much you pay?

Thanks on the welcome. Same offer for 2-Sty unit with standard freebies. Paid deposit with credit card and waiting for loan approval.

Have u signed SPA already?

Once u sign SPA, please sign Loan Agreement ASAP, preferebably on same day

Developer is ready to issue Progress Biling already

SPA is pending until loan approval but thanks for the info. Will follow up. Glad to have this thread to track on the progress.

Plan to engage the same Loan and SPA lawyer. Not sure about Leonie Chan as my sales form stated Heng & Co at Jln Maarof. Is she from the firm? Saw quite a remarks from others on her good work.

That's strange.  My SPA Lawyer was Leonie Chan & Co.

Does not matter cos

1) SPA Fees is borne by Developer
2) You can still ask for the 50% discount

The trick is to say that the Bank Agent say that he can recommend a Lawyer that can give 50% discount

Have u signed SPA already?

Once u sign SPA, please sign Loan Agreement ASAP, preferebably on same day

Developer is ready to issue Progress Biling already

Normally how long need to prepare the loan agreement

Normally how long need to prepare the loan agreement

The issue that Tropicana has with Am Islamic us that Land has been charged to Am Islamic.

The developer is required to obtain a Redemption Statement from Am Islamic so that your End Financier knows how much to pay to Am Islamic and then only the remainder to Tropicana from the various progress billing.

This is cos the house must be delivered to u free from any encumberances.

But don't worry, there is a clause in SPA that says that if Developers delay in providing Redemption Statement and end Financier or buyer delay payment, developer is NOT entitled to late interest charges.

Clause of Standard SPA under Schedule G & H –.

Property free from encumbrances before the Purchaser takes vacant possession of
the said Building

2. (1) The *Proprietor and the Vendor shall not immediately and at any time after the date of execution of this Agreement subject the said Land to any encumbrances without the prior approval of the Purchaser and the *Proprietor and the Vendor hereby undertakes that the said Property shall be free from encumbrances immediately prior to the Purchaser taking vacant possession of the said Building.

(2) The Purchaser shall grant such approval to the *Proprietor and the Vendor encumbering the said Land for the purpose of obtaining credit facilities from any bank and/or financial institution only if the Purchaser has first received confirmation in writing from the relevant bank and/or financial institution disclaiming their rights and interests over the said Property and undertaking to exclude the said Property from any foreclosure proceedings which such bank and/or financial institution may take against the *Proprietor and Vendor and/or the said Land.

(3) In the event the said Land shall be encumbered to any bank and /or financial institution by the Vendor, the Vendor shall deliver or cause to be delivered to the Purchaser and/or the Financier a copy of the redemption statement and undertaking letter issued by such bank and/or financial institution in respect of the said Lot and shall authorise the Purchaser to pay such portion of the purchase price or the Financier to
release such portion of the Loan, as the case may be, equivalent to the amount of the redemption sum payable in respect of the said Lot directly to such bank and/or financial institution and thereafter the balance purchase price or the balance Loan to the Vendor provided all such payments and releases are made progressively at the time and in the manner prescribed in the Third Schedule hereto

Interest on late payments

9. (1) Without prejudice to the Vendor's right under clause 10 hereof, if any of the instalments set out in the Third Sche dule hereto shall remain unpaid by the Purchaser at the expiration of the said period of twenty one (21) working days, interest on such unpaid instalment or instalments shall commence immediately thereafter and be payable by the Purchaser, such interest to be calculated from day to day at the rate of ten per centum (10%) per annum.

(2) The Vendor shall not be entitled to charge interest on late payment in respect of any instalment if the delay in payment of such instalment is due to any one or more of the following:

(a) the relevant progressive claim notice referred to in the Third Schedule hereto furnished by the Vendor to the Purchaser and /or the Financier is not complete or is not in compliance with the requirement of subclause 4(2) hereof;

(b) in the event the said Land is encumbered to any bank and/or financial institution by the Vendor, such bank and/or financial institution shall delay or fail to issue and deliver the redemption statement and undertaking letter in respect of the said Lot to the Purchaser or the Financier;

© in the event the said Land is encumbered to any bank and/or financial institution by the Vendor, the Financier shall refuse to release the relevant portion of the Loan equivalent to the progressive payment due on the ground that such progressive payment is insufficient to settle the full redemption sum payable
in respect of the said Lot.
Hi KC, who is the solicitor that u called?  SPA Solicitor or Loan Solicitor?

yes anyone paid the MOT, the lawyer asking me to pay latest by early July since the first disbursement will start in August hence he said the bank not able to release the payment if the MOT is not signed. Is that anyway i can delay the payment for another two months...?

Anyone paid the MOT?

paid MOT a few weeks back

need to settled  mot by beg of july the latest.
11/8, the bank has to release 10% to
the developer, if you take 90%
loan.

in between , the ambank and the developer
must kautiam, then the rest
will be smooth journey.

p/s, i understand that there is another
clubhouse is plan in phase 2, is it true
? why ah?