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Developer charged late payment interest
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TS255247
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 Feb 11 2019, 11:42 AM, updated 7y ago
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New Member
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Hi guys,
Wanna seek your advice/opinion about my case.
I made booking to new condo at end of Oct. then apply loan and sign letter offer in December also sign the loan agreement and S&P document with lawyer on 23 December 2018.
Then first progress billing letter issued was 28 Dec that request stage 2 payment need to be paid before 2 Feb 2019. so i keep calling and chasing lawyer firm and banker to fast fast executed my document before Feb..
8 Jan- Lawyer firm sent all documents to bank for execution.
18 Jan - Bank returned all documents to lawyer firm for stamping.
31- Lawyer firm finished stamping and sent letter of advice to bank for drawndown payment.
mid of Feb - developer saying that bank hasnt release payment. so i will be charge on late payment interest.
im so confusing with the progress.. what should i do now and how can i waive the interest as this is not my fault.. and seems lawyer firm and bank also wont admit is their fault too...
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TS255247
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Feb 11 2019, 11:47 AM
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New Member
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QUOTE(yeezai @ Feb 11 2019, 11:45 AM) U need to bear the interest ...all lawyer are taichi master .. no way. its not my fault.. !!! |
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TS255247
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Feb 11 2019, 11:53 AM
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New Member
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QUOTE(LamboSama @ Feb 11 2019, 11:49 AM) developer deadline too short. one month not enough. especially with all the holidays. don't blame the lawyer. work with the lawyer to go after either bank or developer. best get waiver, most likely easier. but the lawyer is developer side..i didnt pay any $ lawyer fees.. |
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TS255247
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Feb 11 2019, 11:53 AM
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New Member
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QUOTE(LamboSama @ Feb 11 2019, 11:49 AM) developer deadline too short. one month not enough. especially with all the holidays. don't blame the lawyer. work with the lawyer to go after either bank or developer. best get waiver, most likely easier. but the lawyer is developer side..i didnt pay any $ lawyer fees.. |
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TS255247
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Feb 11 2019, 11:53 AM
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New Member
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QUOTE(azhan82 @ Feb 11 2019, 11:49 AM) lawyer taking 15 days just to stamp.. LEL anyway.. you need to pay laa.. and then sue your lawyer to recover the cost.. usually stamp these loan document need how many days? |
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TS255247
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Feb 11 2019, 04:20 PM
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New Member
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QUOTE(noobz4ever @ Feb 11 2019, 12:36 PM) Request from lawyer for chronology report, said u need to submit to bank to void interest from bank. It will have time frame when u sign the agreement with lawyer till doc release. but the interest is charged from developer to me coz my bank didnt make payment to developer on time..  |
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TS255247
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Feb 11 2019, 04:20 PM
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New Member
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QUOTE(noobz4ever @ Feb 11 2019, 12:36 PM) Request from lawyer for chronology report, said u need to submit to bank to void interest from bank. It will have time frame when u sign the agreement with lawyer till doc release. but the interest is charged from developer to me coz my bank didnt make payment to developer on time.. |
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TS255247
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Feb 11 2019, 04:23 PM
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New Member
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QUOTE(aidris87 @ Feb 11 2019, 12:59 PM) Have you already received the key to the property? I saw you mentioned drawdown payment, usually during this stage any transactions is between your bank and developer. If developer never receive drawdown payment then they need to contact the bank not the buyer. yes. i just signed off the S&P last 2 months and the condo is under construction yet. next year only can get the key. i called the developer and they said they didnt received the first payment from bank. if past due then purchaser will need to bear for the late payment interest which is 10% of first billing.. few thousands ringgit.. it's first payment from bank to developer |
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TS255247
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Feb 11 2019, 04:24 PM
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New Member
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QUOTE(tifosi @ Feb 11 2019, 12:19 PM) I had a similar case, delay was at the lawyer's end and they can come out with 1000000000 excuses why they are not liable. So negotiated with the developer and pay some part of the interest. The hassle of suing the lawyer to ask them for negligible sum, forget about that. Lesson learn, for next property, chase the lawyer everyday and escalate to the BAR council of things are not moving. you experienced this problem too? how you settled it at the end? property still have to pay ? |
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TS255247
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Feb 11 2019, 04:31 PM
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New Member
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QUOTE(coolguy99 @ Feb 11 2019, 04:28 PM) I am in the same predicament as well. Calling the developer first thing tomorrow morning to settle this. Wish me luck. developer dy sent you the letter informing to charge u late payment interest? |
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TS255247
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Feb 12 2019, 10:31 AM
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New Member
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QUOTE(coolguy99 @ Feb 11 2019, 04:32 PM) Yes they call it interest notice. may i know how u settle it at the end? |
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TS255247
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Feb 12 2019, 10:43 AM
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New Member
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QUOTE(iwubpreve @ Feb 12 2019, 10:40 AM) late payment charges how much first? 10% of that stage2 ..ard RM5 K.. |
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TS255247
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Feb 12 2019, 10:51 AM
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New Member
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QUOTE(jfarm86 @ Feb 11 2019, 05:35 PM) im lucky then, they're dev assigned lawyer since free stamping duty and legal fees. got charged late interest payment on my first phase, i call and ask dev they tell me to get the chronology of event from lawyer. clearly the fault is not at me since i got follow up closely whenever i received the letter for each payment. one week later, dev issue the clearance letter and inform me regarding the waiver of the late interest payment. hello.. thanks for your reply. meaning u get the lawyer helps you to proceed chronology of event then developer agreed to waive the late payment interest? can ask, how's the chronology event process? what action or letter we need to prepare ya? |
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TS255247
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Feb 12 2019, 11:36 AM
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New Member
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QUOTE(jfarm86 @ Feb 12 2019, 11:18 AM) the chronology of event is just like a summary on the whole process on when the SnP is stamp, when receive LI, LO, and etc. As well as the loan process. lawyer will have it, you just need to call and ask them or email them and told them the situation. As for appeal letter, you can just google and take any format and write on your own will do. Of course you need to deal with the right PIC on developer site. oh. so first thing i need to get the chronology of event from lawyer then write the appeal letter myself and attached the chronology of event..then send to developer PIC ? is that any supporting docs i need attached ? anything i missed from this appeal process? btw, can fully waive the penalty or just partial of the amount? |
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TS255247
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Feb 13 2019, 11:09 AM
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New Member
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QUOTE(coolguy99 @ Feb 12 2019, 09:06 PM) Just called the developer today and to my surprised they said they will get the chronology of events from the lawyer, and get back to me. wah..ur developer so good, get the things from lawyer so u dont need to go ard .. |
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