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Developer cancel project after sign loan agreement, Need a help from experts
TScanho
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Mar 22 2017, 12:13 PM, updated 8y ago
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Getting Started
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Dear all forum members,
I received a message from my developer said the house project i purchases is cancel.
Bank loan already approved and all document already sign except SPA.
The issue is, the SPA still pending to sign since last december i made a Loan Agreement sign and pay.
Developer is not taking any responsibility for all my lost like Loan Agreement fee (Rm10k) and bank loan cancellation penalty.
Their just return the 3% deposit of the total price with 4 months interest i pay when during the booking last November.
This situation is very bad to me and direct damage my CIRQUS since i have a very good record.
To all the members here, did you guys have any experiences like i have or have any good suggestion to settle the issue?
Many thanks,
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otua
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Mar 22 2017, 12:16 PM
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mind stating which project ?
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wchinwai
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Mar 22 2017, 12:20 PM
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QUOTE(canho @ Mar 22 2017, 12:13 PM) Dear all forum members, I received a message from my developer said the house project i purchases is cancel. Bank loan already approved and all document already sign except SPA. The issue is, the SPA still pending to sign since last december i made a Loan Agreement sign and pay. Developer is not taking any responsibility for all my lost like Loan Agreement fee (Rm10k) and bank loan cancellation penalty. Their just return the 3% deposit of the total price with 4 months interest i pay when during the booking last November. This situation is very bad to me and direct damage my CIRQUS since i have a very good record. To all the members here, did you guys have any experiences like i have or have any good suggestion to settle the issue? Many thanks, I am sure other buyers are also affected. Maybe form a group and make complaint.
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sunami
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Mar 22 2017, 12:22 PM
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please share the developer and project name..thanks
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cdspins
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Mar 22 2017, 12:30 PM
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Sorry for your losses, but in your case, by the law, the developer no need to compensate you as there is not SPA signed between you and developer Normally the correct way is to get bank to issue a grant of loan paper to lock loan amount and rate, then only sign SPA and finally sign loan with bank.
Reputable developer will arrange internal lawyers so that buyers use the same lawyer and can safe on the lawyer fees. and SPA is signed first then follow by loan.
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airtawarian
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Mar 22 2017, 01:59 PM
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Definitely you have a case against the developer as you have signed a booking form which is a valid document under the law of contract. Hence, you can bring a civil suit/ perhaps a representative group action against the said developer for any loss resulting from your purchase/ loan approval. There is a case decided by High Court.
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dannychen
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Mar 23 2017, 09:52 PM
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i think you can claim bank your charges/booking fee via tribunal of house buyer. link
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