Sep 9 2021, 05:41 AM
QUOTE(jodrew @ Sep 8 2021, 04:56 PM)
Hello,
First time home buyer here.
I received an invoice from the developer for the interest chargeable on the late settlement for the first progressive claim by financier Maybank.
1. Am I liable for the interest charges for the late settlement from Maybank?
2. Do I have to pay for the interest charges separately or Maybank will settle it?
When the notice of payment is issued, a copy will normally be send to the buyer and you should follow up from there. If you leave it to the lawyer and bank to resolve it, then any delay will be under your account as the buyer.First time home buyer here.
I received an invoice from the developer for the interest chargeable on the late settlement for the first progressive claim by financier Maybank.
1. Am I liable for the interest charges for the late settlement from Maybank?
2. Do I have to pay for the interest charges separately or Maybank will settle it?
The SnP is between buyer and developer and therefore the buyer is responsible for all payments until the completion of the construction. The bank is your appointed paying agent which has nothing to do with the developer .... the loan agreement is between borrower aka buyer and bank.
As a buyer, borrower, you must be proactive in all matters relating to your property. Do not leave it to others to resolve any problems and ultimately everything will goes back to the buyer.
This post has been edited by mini orchard: Sep 9 2021, 05:42 AM
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