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> Project suspended, can buyer ask for refund?, need advice n help here...

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TStzeyin
post Mar 30 2008, 03:39 PM, updated 16y ago

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To all the expert n experienced here,

if i bought a house , after made downpayment n got loan approval , but b4 the loan ammount being released to the developer after legal fees paid, i receive news tht the developer is having problem and the project was put on hold until problem solved or other developer take over :

1. can i ask for refund of the d/payment from developer? how to do it?
2. can i ask for refund of the legal fees from the lawyer since their side haven't done any stamping yet ?
3. What is the worst scenario ?

i need advice here, thanks in advance!
jcvstlys
post Mar 30 2008, 06:11 PM

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Dont think can get refund for the downpayment.
Pai
post Mar 30 2008, 11:03 PM

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QUOTE(tzeyin @ Mar 30 2008, 03:39 PM)
To all the expert n experienced here,

if i bought a house , after made downpayment n got loan approval , but b4 the loan ammount being released to the developer after legal fees paid, i receive news tht the developer is having problem and the project was put on hold until problem solved or other developer take over :

1. can i ask for refund of the d/payment from developer? how to do it?
2. can i ask for refund of the legal fees from the lawyer since their side haven't done any stamping yet ?
3. What is the worst scenario ?

i need advice here, thanks in advance!
*
Think u need to cancel your loan application ASAP and try getting a refund for your deposit.

Worst case if your bank disburse the loan to the developer, and you'll end up serving a loan for buying bricks and cement.
mIssfROGY
post Mar 30 2008, 11:09 PM

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maybe can ask your lawyers..
TStzeyin
post Mar 31 2008, 01:07 AM

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QUOTE(Pai @ Mar 31 2008, 12:03 AM)
Think u need to cancel your loan application ASAP and try getting a refund for your deposit.

Worst case if your bank disburse the loan to the developer, and you'll end up serving a loan for buying bricks and cement.
*
how to go about regrading deposit refund ? what if they refused to do so ?

QUOTE(mIssfROGY @ Mar 31 2008, 12:09 AM)
maybe can ask your lawyers..
*
i do not hav a lawyer , yet.
aaronpang
post Mar 31 2008, 10:19 AM

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QUOTE(tzeyin @ Mar 30 2008, 03:39 PM)
2. can i ask for refund of the legal fees from the lawyer since their side haven't done any stamping yet ?
*
Stamping not done you can get away from paying the stamping fee, but there are other charges you'll need to pay... for example document preparation fees, professional fees, etc.

QUOTE(tzeyin @ Mar 31 2008, 01:07 AM)
how to go about regrading deposit refund ? what if they refused to do so ?
i do not hav a lawyer , yet.
*
Dude set your priorities... dun worry too much about the deposit... it's the least of your problems when a housing project is abandoned or stalled.

Write a letter to the bank informing them the developer has financial problems and instruct them to hold funds disbursement until you get clarification on the project status.

If you want a refund you'll need a lawyer, then go to court and rescind the contract (make null and void the S&P).

IMHO However if the developer had money to refund buyers the housing project wouldn't have stalled in the first place sweat.gif


Get yourself a good lawyer and you don't take legal advice from internet forums nod.gif

This post has been edited by aaronpang: Mar 31 2008, 10:43 AM
mIssfROGY
post Mar 31 2008, 03:49 PM

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QUOTE(tzeyin @ Mar 31 2008, 01:07 AM)
how to go about regrading deposit refund ? what if they refused to do so ?
i do not hav a lawyer , yet.
*
They can refuse to give u back your deposit. And ya...like aaron mentioned, deposit is the least of your worries. If the bank release the money...there goes your money and u r stucked with no house and a big liability.

U dun have lawyers? But u did mentioned that legal fees paid...wat legal fees are these? Since u paid some legal fees...u can always ask the advice of the lawyers ler...i mean they r still considered your lawyers. I am referring to your S&P or LOan Lawyers.

This post has been edited by mIssfROGY: Mar 31 2008, 03:52 PM
TStzeyin
post Mar 31 2008, 11:30 PM

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alrite , thanks, then i shall go to my loan lawyer for advice, at the same ask for refund....

 

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