Can the developer cancel the s&P without making any compensation? The project is postpone to next year due to the building materials' price hiking and the want to re-launch in next year for higher price... they just refund the downpayment..

anyone please advise..

How bout ur loan? approved by bank and transfer to developer?

Off Topic:
u know how much the increase for the house?

I don't think so. Take a look at the S&P to see if there is any escape clause for the developer. If not, you should consult a lawyer. Getting other buyers together would also help if you all decide to take action.

loan already been approved, just signed loan agreement haven't submitted back to the solicitor

dunno yet...

---

Added on June 17, 2008, 11:58 ami read thru yesterday, there just have termination default by purchaser and do not have the breach by the developer...

This post has been edited by cheer83: Jun 17 2008, 11:58 AM

Wow, this is obviously unfair on the developer. I think they are bullying all the buyers. If buyer cancel S&P, then downpayment (usually 10% is forfeited)....so you should get back your downpayment plus another compensation equivalent to your downpayment paid if the developer wants to cancel....unless there is a clause by in the S&P that allows the developer to do that without any compensation.

But more importantly, share here who is the developer so everyone is aware.


cheers,
minolta

Even no clear mention of the consequences of a breach of contract by the developer, you still have a case. Time to consult a lawyer?

usually for s&p you can get back your 10% and get an extra 10% as damages. do not sign anything until you get your cheque for 20%. your s&p is the schedule g/h one?

i did consult the lawyer, but the lawyer said need the letter from the developer. i did not rely on this lawyer bcoz this lawyer is the panel lawyer for the developer

---

Added on June 17, 2008, 6:06 pmyes, i lost my opportunity to buy another house where the price haven't risen up. There isn't the clause for the developer to cancel the project otherwise i wouldn't sign the S&P.

the developer is called RATUS BAYAN SDN BHD or IMPIANA LAND AND DEVELOPMENT S/B

---

Added on June 17, 2008, 6:07 pmI afraid if i do not sign, then my 10% will gone too...what is g/h anyway?

This post has been edited by cheer83: Jun 17 2008, 06:07 PM

You should consult your own lawyer. Or call your friend who is a lawyer and buy him coffee.

Have you signed anything yet? You should wait until you had some legal advice.

Consult your own lawyer, not Developer's lawyer.

If the S&P was signed by Developer & stamped at LHDN, it's legal & in force.

So usually a breach of S&P, one should get back double the downpayment amount.

I think I know what's the problem with the Developer, they haven't award tender to respective contractors, now after the fuel hike, nobody wants to do the job at previous quoted price. Thus the project sure postponed.

u have paid the legal fees to the loan agreement, if cancel loan bcoz of the developer cancel S&P , wat would happen to ur legal fees then ? u think the lawyer will refund>?

developer will bear the cost...on paper. i will not lose a single penny...

---

Added on June 18, 2008, 10:37 ami did ask the lawyer who prepare the S&P, they said this kind of compensation is available only for subsales, which is transaction of existing houses.i understand their situation bcoz i from the same industry also, but they are the one who need to absorb the additional cost.
i did advise them few months ago to start work to transfer this fluctuation risk to the contractor...

This post has been edited by cheer83: Jun 18 2008, 10:37 AM

So you are letting them off?

i don't think so...i will get what i deserve

keep us updated, we need to learn from other's mistake , i mean the developer.