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Paying cash for an undercon property, What should the buyer do?
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cherroy
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 Apr 5 2016, 08:08 AM
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20k VIP Club
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Sorry to say, the existing law is not protective enough to property buyer, be it loan or cash buyer. Just last week there is an article on thestar, which may serve a good read. http://www.thestar.com.my/business/busines...se-buyers-trap/So reputation of developer is one of most important factor to consider when purchasing a property. Having said that, the recent amendment of needed strata title ready when deliver to buyer is a good start to close this loop hole. This post has been edited by cherroy: Apr 5 2016, 08:10 AM |
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cherroy
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Apr 5 2016, 10:53 AM
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20k VIP Club
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QUOTE(nookie188 @ Apr 5 2016, 09:58 AM) yes it was this article that prompt me to open up this discussion though somehow many assumptions were made in the meantime about the cons of buying cash..as we know there are buyers in the market that do pay cash for their purchases so what can they do to protect themselves - that was my general question actually.. agree buying a reputable developer is important not only when you are paying it outright but for other good reasons as well.. would a good developer provide a letter to the cash paying buyer that the property will be delivered with no lien? or is this already covered under the spa? The fear is always the company bankrupt or liquidated, by then whatever letter/agreement signed also no use already. Reputable developer want to sell its next phase of property, they don't want something hanky panky in between that could jeopardise their reputation and future property sale and potential premium buyer willing to pay. Newer SPA should cover this area already as there is new law stated that strata title must be delivered when VP time. |
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cherroy
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Apr 5 2016, 01:56 PM
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20k VIP Club
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QUOTE(nookie188 @ Apr 5 2016, 12:51 PM) do you know when did this ruling that strata title to be delivered upon VP came into effect? Should be this year. |
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