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 Agreement to Purchase Property

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TSrealitec
post Apr 6 2018, 12:08 PM, updated 8y ago

Emiko for life~
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Senior Member
2,934 posts

Joined: May 2017
From: Labuan Federal Territory


Hi all,

Recently my friend is buying a subsale house from somebody. However, he was informed to sign the Agreement to Purchase Property. Is this normal? Appreciate if somebody can roughly advise on the purchase of subsale house for reference.

Content of Agreement is:
-Within 14 days to apply for bank loan
-1st of May to execute the purchase
-To pay 10% bla bla bla

Sorry the information given is not that clear, this is what I have been told. Appreciate your inputs.
TSrealitec
post Apr 6 2018, 03:31 PM

Emiko for life~
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Senior Member
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Joined: May 2017
From: Labuan Federal Territory


QUOTE(hanhanhan @ Apr 6 2018, 02:39 PM)
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yes. u'll need to sign an offer/agreement to purchase and pay a booking fee (usually 2% of the purchase price)

with that agreement to purchase, the purchaser can apply for loan.
*
This is very informative. Thanks!!
TSrealitec
post Apr 6 2018, 08:44 PM

Emiko for life~
*******
Senior Member
2,934 posts

Joined: May 2017
From: Labuan Federal Territory


QUOTE(AskarPerang @ Apr 6 2018, 07:51 PM)
Just make sure the clause if you fail to obtain loan, the booking fees will be fully refunded to you. If not added, will be forfeited.
*
Thanks for reminding smile.gif I will inform my friend accordingly.

 

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