Hi All the experts outside,
I am going to sign my first S&P this weekend. I just need to know is there any advice from lyn members?

Such as what are the important things that i need to beware and ask the lawyer and developer?

Reply is much appreciated.

Thanks.

p/s: I am getting the condo that i had posted in 1 of my thread in lyn.

http://forum.lowyat.net/topic/439414

Assuming this is a non-completed unit, 1st thing is check out reliability of developer in terms of finacial/reputation/ track record. Look at other projects that they have done.

Q to ask/check:

1) DL and AP that's valid

2) Developer Project A/C #

3) What's the service charge?..can they confirm what they tell you in writing?

4) Ensure the facilities/common areas listed in brochures matches that in the SPA

5) Are car park lots common areas or accessory parcels? Any proviso for additional car park lots?..@ what cost?

6) What about sinking fund?...how much?

7) Is developer experienced in managing strata properties?..if yes, look at the projects

If property's under construction, check on the promised completion period & LAD compensation clause.

U're entitled to read the whole document from start to finish & even backwards. So take ur time. Ask whatever u don't understand.

But since time's money for lawyers in KL, usually they'd assign a clerk to attend you. You won't see the lawyer face to face.

Terms and conditions of residential units under construction are standardized in the Housing Act..like or not also cannot change

What if the clerk (mis-printed, mis-typed), after you signed on the dotted line.
The document would still be in force.

No..any SPA outside of the schedule in Housing Act is illegal.

As long as the property is residential the S&P's are standard so there's not much to worry about...

However do inquire like ??!! advised about all other misc. fees such as sinking fund, management fees, and all the facilities like club house, gym, sauna are clearly written down in the S&P.

Caveat here if your property is on commercial land do take care to read and understand your S&P carefully coz its not protected by the Housing Development Act... the S&P may vary on certain clauses meant to protect buyers such as LAD and DLP.

This post has been edited by aaronpang: Apr 18 2007, 07:21 PM

arhhh ... confused confused ... What is DL and AP?
I think i will just spend sometime reading the Agreements ...

Thanks ... i will pay attention on this area ....

If I'm not mistaken DL is Developers License and AP is Approval Permit... its a series of alpha numerical numbers that you can check with "Ministry of Housing and Local Government" or "Local Town Council"

Sometimes the project or developer maybe blacklisted and you should check and ask...

You can try (I'm not sure if they are the right ppl):-

Monitoring and Enforcement Division
Ministry of Housing and Local Government
Level 3, Block B North, Pusat Bandar Damansara
50782 KUALA LUMPUR

Tel : 03-2094 7033
Fax: 03- 2092 5049

or visit http://www.kpkt.gov.my

This post has been edited by aaronpang: Apr 19 2007, 01:15 PM

Great ... Thanks for sharing ... hehe ...
Under constructions property is a bit risky and really need to pray a lot for it.
Now i have to wait 3 years after i signed the S&P this weekend. 3 years also considered quite a long time ... sigh ...

I'm in your shoes as well.

eh suiteng ... u don worry so much ... i went to view the axis crownd already that day ... ALL SOLD OUT !!! WITHIN 5 Months .... that project is really a successful one lar .... so u don have to worry so much ... hahaha ...

And the interior design is really damn nice ... i like the living room style ... it is wide type instead of long type .... You should go and take some photos there ... hahaa ... curi ideas.

and just between 3 mins walk u can reach pandan indah LRT station ... cool ... hahaha

yala , fully sold project not much of worry , n axis is hotcake....

5) Are car park lots common areas or accessory parcels?

what is the different here?

hmm ... what u asking actually?

But anyways, i just signed the S&P last saturday. They haven't include the common facilities but they only mentioned the lot no and also the parking lot no that i purchase. The girl said she will prepare another set of S&P then only will call me again to sign the 2nd time? I also blur that time ....

let see how it goes in these few days time .... totally blur ....

Most important for me to check is the due date and late delivery clause, whether they will compensate interest.

A lot of buyers kena no delivery and wait long long .... suffer interest

I will be using the SPA lawyer for my loan. I know ppl that can somehow ask the laywer to charge certain thing lesser for the loan agreement. If I wanted to do so, when should I approach the lawyer and how? I haven sign my SPA and loan.

i had sign letter offer with 2% down payment on 7 June 2008...supposely i need to sing my SPA within 14 working days...but my lawyer and Vendor dont agrred some small cause...now both still discussion every day..what should i do now?

Wait for them to agree on the clause lor.
Anyway the 2% u paid is refundable.

are u sure?