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> Possible to cancel a bought property?, Possible to cancel a bought property?

azarulsyafiq88
post Jun 8 2018, 09:57 AM, updated 2w ago

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Asking all sifus here, since I do not have any idea/info. Believe this is the right thread.

I bought a house 3 years ago. Unfortunately the house has not been completed, and I foresee further delay again by the developer. So I'm currently paying huge interest fee to the Bank.

A friend told me to request the Bank to stop transferring money to the Developer. It is an option, but I somewhat decided to try look for other house.

So just wanted to find out, can I cancel my purchase and loan with the bank? If yes, what would be the process? And what sort of penalty I'm looking at?


omnimech
post Jun 8 2018, 10:04 AM

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=.= cancel ? lols . you think phone contract ah ?

You either rally together with other home owners to press the developer and halt payments or you reap what you sow. You took a risk on the property and you lost sad.gif

The best way to do is to band together with other home owners in that development and demand compensation. By right when a developer misses his date, there are provisions in place for him to pay the home owners for the interest that they are paying without getting their home.

So, in a nut shell. No, you cant just arbitrarily cancel a purchase. The bank is not your friend. They dont give a shit about you life choices.
Darkcloudz
post Jun 8 2018, 10:06 AM

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QUOTE(omnimech @ Jun 8 2018, 10:04 AM)
=.= cancel ? lols . you think phone contract ah ?

You either rally together with other home owners to press the developer and halt payments or you reap what you sow. You took a risk on the property and you lost sad.gif

The best way to do is to band together with other home owners in that development and demand compensation. By right when a developer misses his date, there are provisions in place for him to pay the home owners for the interest that they are paying without getting their home.

So, in a nut shell. No, you cant just arbitrarily cancel a purchase. The bank is not your friend. They dont give a shit about you life choices.
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very true indeed
jeremyyy94
post Jun 8 2018, 10:09 AM

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If you have contract, it says 2 years should complete but instead they took 3 years, you can find a lawyer and sue for money(court decide), like what I did for my new house. our neighbor all fine a sue case and he needs to pay 10k for each of us. Then he only rush to completed the house in months time.

Please find a lawyer instead of cancelling, don't abuse your own invest money and time just for some freaking delays by those developers lol


FlamingR
post Jun 8 2018, 10:13 AM

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QUOTE(omnimech @ Jun 8 2018, 10:04 AM)
=.= cancel ? lols . you think phone contract ah ?

You either rally together with other home owners to press the developer and halt payments or you reap what you sow. You took a risk on the property and you lost sad.gif

The best way to do is to band together with other home owners in that development and demand compensation. By right when a developer misses his date, there are provisions in place for him to pay the home owners for the interest that they are paying without getting their home.

So, in a nut shell. No, you cant just arbitrarily cancel a purchase. The bank is not your friend. They dont give a shit about you life choices.
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Yes this is key to your answer. Developer will just take you and other "home" owners for granted if there is no action/response from you guys. You have to form a group asap and take actions, seek lawyer advice if needed and push the developer to provide a satisfactory solution that's a win win.
azarulsyafiq88
post Jun 8 2018, 10:20 AM

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QUOTE(omnimech @ Jun 8 2018, 10:04 AM)
=.= cancel ? lols . you think phone contract ah ?

You either rally together with other home owners to press the developer and halt payments or you reap what you sow. You took a risk on the property and you lost sad.gif

The best way to do is to band together with other home owners in that development and demand compensation. By right when a developer misses his date, there are provisions in place for him to pay the home owners for the interest that they are paying without getting their home.

So, in a nut shell. No, you cant just arbitrarily cancel a purchase. The bank is not your friend. They dont give a shit about you life choices.
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That's the reason I'm asking if there's any way haha.

Yes, the home community had met up, and initially, they wanted to press charges. But then after further discussion, they don't plan to pursue it since afraid that the house will not be completed at all.

Which is way worst, I assume.
joedpa82
post Jun 8 2018, 10:23 AM

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QUOTE(omnimech @ Jun 8 2018, 11:04 AM)
=.= cancel ? lols . you think phone contract ah ?

You either rally together with other home owners to press the developer and halt payments or you reap what you sow. You took a risk on the property and you lost sad.gif

The best way to do is to band together with other home owners in that development and demand compensation. By right when a developer misses his date, there are provisions in place for him to pay the home owners for the interest that they are paying without getting their home.

So, in a nut shell. No, you cant just arbitrarily cancel a purchase. The bank is not your friend. They dont give a shit about you life choices.
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Lolz.......
cavaliars
post Jun 8 2018, 10:33 AM

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No need to worry about the house not be completed.

Just sue them.

My cousin bought a condo. 1st block is not delivered on time. Each unit developer have to compensate about 50+k...
nexona88
post Jun 8 2018, 11:45 AM

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Worry no more..
Meet all the buyers.. Engage lawyer.. And Sue the developer...
azarulsyafiq88
post Jun 8 2018, 11:59 AM

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I see.. I guess that's the only options I have then.. which I don't think will happen..
WaCKy-Angel
post Jun 8 2018, 12:02 PM

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QUOTE(azarulsyafiq88 @ Jun 8 2018, 10:20 AM)
That's the reason I'm asking if there's any way haha.

Yes, the home community had met up, and initially, they wanted to press charges. But then after further discussion, they don't plan to pursue it since afraid that the house will not be completed at all.

Which is way worst, I assume.
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Which developer?

I doubt big developer would abandon project unless they willing to declare bankrupt.
azarulsyafiq88
post Jun 8 2018, 12:32 PM

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Lebar Daun. It was reputable back then I think haha. I doubt they will declare bankrupt as well since I've found out they manage to secure a big project in Perak. But the progress is very slow.

Bought the Bukit Bandaraya house early 2015. Until now have not completed. Got tired of paying interest. Like giving free money to the Bank. sad.gif
e-lite
post Jun 8 2018, 01:33 PM

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There is another Lebar Daun purchaser who posted in this forum a short while ago. Also in the same situation as you. Maybe you can get together with him & other purchasers and a lawyer to explore your options

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